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| Author: | Mechelli, A. |
| Title: | Accounting harmonization and compliance in applying IASB standards: An empirical survey about the first time adoption of IAS 7 by Italian listed groups |
| Journal: | Accounting in Europe
2009 : VOL. 6:1-2, p. 231-270 |
| Index terms: | international accounting standards reporting financial statements listed companies Italy |
| Language: | eng |
| Abstract: | This paper deals with the First Time Adoption (FTA) of International Accounting Standards Board (IASB) standards (henceforth as: stds.) by Italian entities, focusing on the cash flow statement (CFS) with rules are stated by International Accounting Standards 7 (IAS 7). This paper aims to examine both the degree of harmonization and compliance in applying IAS 7. Based on a sample of over 100 financial statements (here as: fin-stmts.) of Italian listed groups issued with reference to 2005, there is shown a high degree of 1. heterogeneity in applying IASB stds. and 2. of noncompliance with IAS. The 1st could impair the comparability of fin-stmts. across entities, requiring further efforts by IASB to reduce options permitted in its stds. The 2nd creates the risk of misleading users who read audited fin-stmts. supposing that they have been prepared according to IASB stds. |
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