FOREIGN EXPERIENCES IN IMPROVING ACCOUNTING ON THE BASIS OF IFRS

Аннотация

In this article case studies cover Brazil, Germany, India, Jamaica, Kenya, Pakistan, South Africa and Turkey. These countries have taken a variety of approaches to implementing IFRS. In the case of Brazil, the implementation of IFRS will come into effect in 2010. German companies started preparing financial statements based on international accounting standards (IAS) beginning in the early 1990s. The approach in India has been to adapt IFRS to the economic realities of the country. Jamaica started implementing IFRS in 2002, while Kenya began the implementation process in 1998. Pakistan started introducing IAS issued by the International Accounting Standards Committee (the processor of the IASB) as early as in the 1970s. South Africa initiated a similar process in 1993. In Turkey, the process began in 2003. The factors that initially contributed to the introduction of IFRS in the countries covered in the case studies vary. In Brazil, the Central Bank’s intention is to bring financial reporting in line with international best practice to facilitate the comparability of financial reports and fostering investor confidence. In Germany, a number of large companies began to prepare their financial statements in accordance with IAS, not because they were required by national regulators, but in order to be able to access financial markets outside Germany.