Title: Winds of change in accounting practices in an emerging market: some observations and thoughts

Authors: Nazli Hosal-Akman, Can Simga-Mugan, Dursun Arikboga

Addresses: Faculty of Business Administration, Bilkent University, 06533 Bilkent, Ankara, Turkey. ' Dept. of Business Administration, Middle East Technical University, Inonu Bulvari, 06531, Ankara, Turkey. ' Faculty of Economics, Istanbul University, Beyazit, Istanbul, Turkey

Abstract: In Turkey, publicly traded companies are required to comply with a new set of standards that are essentially similar to the International Financial Reporting Standards (IFRS) since 2005. In this study, we use the results of a survey carried out in Turkey with accounting or finance executives of publicly traded companies regarding their perceptions of the new set of standards and their expectations from the policy makers, compare the findings of global research with the survey results, and report our observations and opinion. The survey results suggest that there was lack of knowledge and experience for appropriate implementation – a common point raised globally as well. Early observations and findings reflect that, although a lot has been achieved on the way to convergence, more consensus and guidance from the national and international standard setters are necessary to fully realise the expected benefits of IFRS.

Keywords: International Financial Reporting Standard; IFRS; convergence; IFRS implementation; Turkey; emerging markets.

DOI: 10.1504/JGBA.2009.023094

Journal for Global Business Advancement, 2009 Vol.2 No.1/2, pp.54 - 75

Published online: 09 Feb 2009 *

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