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The role and current status of IFRS in the completion of national accounting rules – evidence on Cyprus

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Karamanou, Irene, Kopita, Anastasia and Lemessiou, Lina (2017) The role and current status of IFRS in the completion of national accounting rules – evidence on Cyprus. Accounting in Europe, 14 (1-2). pp. 49-55. doi:10.1080/17449480.2017.1299935

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Official URL: http://dx.doi.org/10.1080/17449480.2017.1299935

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Abstract

The case of Cyprus with respect to the adoption of International Financial Reporting Standards (IFRS) is unique given the country’s strong reliance on international business and accounting-related services. As such, Cyprus has required the use of IFRS since 1981 not only for publicly listed firms but also for private companies regardless of their size. Cyprus’ reluctance to fully transpose Directive 2013/34/EU into national law cannot be unrelated to its long-standing requirement of financial statements that are not only prepared under IFRS but are also audited for all types of corporations registered in the Republic. We conclude that transposing the new Accounting Directive in its entirety into national law could have adverse effects on the Government tax revenue, the GDP of the services sector and the credibility of Cyprus as an international business and financial services center.

Item Type: Journal Article
Subjects: H Social Sciences > HF Commerce
Divisions: Faculty of Social Sciences > Warwick Business School > Accounting
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Financial statements -- Standards -- Case studies -- Cyprus, Financial services industry -- Cyprus, Finance, Public -- Cyprus
Journal or Publication Title: Accounting in Europe
Publisher: Routledge
ISSN: 1744-9480
Official Date: 2017
Dates:
DateEvent
2017Published
20 March 2017Available
21 February 2017Accepted
Volume: 14
Number: 1-2
Page Range: pp. 49-55
DOI: 10.1080/17449480.2017.1299935
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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