MEASURING THE LEVEL OF COMPLIANCE WITH INTERNATIONAL ACCOUNTING STANDARDS AND INTERNATIONAL FINANCIAL REPORTING STANDARDS REGARDING THE FINANCIAL INSTRUMENTS: COMPARATIVE ANALYSIS OF BIST 100 AND FTSE 100.

Yıl 2023, Cilt: 23 Sayı: 69, 183 - 206, 10.05.2023

Nesil İşbil , Figen Zaif

https://doi.org/10.55322/mdbakis.1217877

Öz

This study aims to measure the level of compliance with the International Accounting Standards (IAS) 32, 39, International Financial Reporting Standards (IFRS) 7, 9 standards, and determine the factors affecting the level of compliance. The factors affecting the level of compliance as the business size, level of multinationality, financial leverage ratio, free float rate, audited by four big audit firms, and trading in more than one market, are examined in this study. The financial statements of the publicly traded companies indexed in Borsa Istanbul (BIST) 100 and the London Stock Exchange (FTSE) 100 for the periods 2018-2019 were examined comparatively to reveal the effects of the mandatory adoption of IFRS 9. Cooke’s (1989) total disclosure score is used to compute the compliance level. The results indicate that the compliance level of the companies in the FTSE 100 index was higher than BIST 100, and the business size factor affected the compliance level in both countries’ stock exchanges.

Anahtar Kelimeler

IFRS 9, IAS 32 Financial Instruments, Compliance Level, Compliance Factor

FİNANSAL ARAÇLARA İLİŞKİN ULUSLARARASI MUHASEBE STANDARTLARI İLE ULUSLARARASI FİNANSAL RAPORLAMA STANDARTLARINA UYUM DÜZEYİNİN ÖLÇÜLMESİ: BIST 100 VE FTSE 100 KARŞILAŞTIRMALI ANALİZİ

Öz

Çalışmanın amacı, finansal araçlara ilişkin Uluslararası Muhasebe Standartlarından (IAS) 32 ve 39 no.lu standartlar ile Uluslararası Finansal Raporlama Standartlarından (IFRS) 7 ve 9 no.lu standartlara uyum düzeyini ölçmek ve uyum düzeyine etki eden faktörleri belirlemektir. Çalışmada uyum düzeyine etki eden faktörler; işletme büyüklüğü, çok ulusluluk düzeyi, finansal kaldıraç oranı, halka açıklık oranı, dört büyük denetim firması tarafından denetlenmesi ve birden fazla piyasada işlem görmesi olarak ele alınmıştır. Karşılaştırmalı tespitleri de ortaya koyabilmek için Borsa İstanbul (BIST) 100 ve Londra Borsası (FTSE) 100 endeksinde işlem gören halka açık şirketlerin 2018-2019 dönemi finansal tabloları inceleme konusu yapılmıştır. Araştırmaya 2018-2019 döneminin konu edilmesinin neden iülkemizde IFRS 9 zorunlu uygulamasının 2018 yılında başlamasıdır. Uyum düzeyi hesaplanırken Cooke (1989)’un toplam açıklama skoru kullanılmıştır. Araştırma sonucunda FTSE 100 endeksinde yer alan işletmelerin uyum düzeyi daha yüksek çıkmış ve her iki ülke borsasında da işletme büyüklüğünün uyum düzeyine etki eden faktör olduğu tespit edilmiştir.

Anahtar Kelimeler

IFRS 9, Finansal Araçlar, Uyum Düzeyi, Uyum Faktörü, IAS 32

Kaynakça

• Abd-Elsalam, O.H. ve Weetman, P. (2003). Introducing International Accounting Standards to an Emerging Capital Market: Relative Familiarity and Language Effect in Egypt, Journal of International Accounting, Auditing & Taxation, 12, 63-84.
• Adznan, S. ve Nelson, S. P. (2014). “Financial Instruments Disclosure Practices: Evidence From Malaysian Listed Firms,” Procedia - Social and Behavioral Sciences, 164, 62-67. https://doi.org/10.1016/j.sbspro.2014.11.051
• Ahmed, K. ve Courtis, J. K. (1999). Associations Between Corporate Characteristics and Disclosure Levels in Annual Reports: A Meta-Analysis. The British Accounting Review, 31(1), 35-61.
• Aksoy, T., 2022. Son Erişim Tarihi: 25.11.2022, çevrimiçi: https://ansiklopedi.tubitak.gov.tr/ansiklopedi/muhasebe_ ve_finansal_raporlama_standartlari
• Atanasovski A., Serafimoska M., Jovanovski, K. ve Jovevski D. (2015). Risk Disclosure Practices in Annual Reports of Listed Companies: Evidence from a Developing Country, Research Journal of Finance and Accounting, 6 (1), 184-193.
• Bahadir, O., Demir, V. & Öncel, A.G. (2016). IFRS implementation in Turkey: benefits and challenges. Accounting and Management Information Systems. 15 (1), 5-26.
• Chalmers, K. ve Godfrey, J. (2004). Reputation Costs: The Impetus for Voluntary Derivative Financial Instrument Reporting, Accounting, Organizations and Society, 29, 95-125. https://doi.org/10.1016/S0361-3682(02)00034-X
• Choi, F. D. S. ve Meek, G. (2008). International Accounting (6). New Jersey: Pearson Prentice Hall.
• Cooke, T. E. (1989). Disclosure in the Corporate Annual Reports of Swedish Companies. Accounting and Business Research, (Spring), 113-124.
• Deegan, C. ve Unerman, J. (2006). Financial Accounting Theory (Europan Edition). United Kingdom: McGraw- Hill Education.
• Demir, Z. & Aktas, A. (2015). The Development of Financial Reporting and The International Integration Studies in Turkey. Procedia Economics and Finance. 23, 1321-1339.
• Dey, R., Hossain, S. ve Rezaee, Z. (2018). Financial Risk Disclosure and Financial Attributes among Publicly Traded Manufacturing Companies: Evidence from Bangladesh, Journal of Risk and Financial Management, 50 (11). https://doi.org/10.3390/jrfm11030050
• Dumontier, P., ve Raffournier, B. (1998). Why Firms Comply Voluntarily with IAS: an Empirical Analysis with Swiss Data, Journal of International Financial Management and Accounting, 9 (3), 216-245.
• Esen Ö. M. ve Sakin T. (2009). Dipnot Açıklama Yükümlülüklerine Uyum: İMKB 100 Endeksinde Yer Alan Reel Sektör Firmalarının Durumu Üzerine Bir Araştırma, İstanbul Üniversitesi İşletme Fakültesi İşletme İktisadı Enstitüsü Dergisi, (64), 112-124. https://kutuphane.dogus.edu.tr/mvt/pdf.php?pdf=0006468&lng=1
• Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman.
• Gomoi, B. C. ve Pantea, F. M. (2016). The Impact of Signaling Theory and Agency Theory on the Financial Reporting. Lucrări Științifice Management Agricol 18(2), 199-202.
• Hassan, M. S., Saleh, V.M. ve Abd Rahman M.R.C. (2008). Determinant of Financial Instruments Disclosure Quality Among Listed Firms in Malaysia. http://dx.doi.org/10.2139/ssrn.1157788
• IAS 32, Financial Instruments Presentation, https://www.ifrs.org/issued-standards/list-of-standards/ias-32-financial- instruments-presentation.html/content/dam/ifrs/publications/html-standards/english/2021/issued/ias32/ (Erişim Tarihi: 04.03.2021).
• IAS 39, Financial Instruments Recognition and Measurement, https://www.ifrs.org/issued-standards/list-of-standards/ias-39-financial-instruments-recognition-and-measurement.html/content/dam/ifrs/publications/html-standards/ english/2021/issued/ias39/ (Erişim Tarihi: 04.03.2021).
• IFRS 7, Financial Instruments Disclosures, https://www.ifrs.org/issued-standards/list-of-standards/ifrs-7-financial-instruments disclosures.html/content/dam/ifrs/publications/HTML-standards/english/2021/issued/ifrs7/ (Erişim Tarihi: 04.03.2021).
• IFRS 9, Financial Instruments, https://www.ifrs.org/issued-standards/list-of-standards/ifrs-9-financial-instruments. html/content/dam/ifrs/publications/html-standards/english/2021/issued/ifrs9/ (Erişim Tarihi: 04.03.2021).
• Investing, https://tr.investing.com (Erişim tarihi: 02.02.2021).
• Kartal, M. T. (2019). Finansal Tablolarda Dipnot Okuma ve Yorumlama, Aysel Gündoğdu (Ed.), Uygulamalı Finansal Tablolar Analizi (279-308). Ankara: Gazi Kitabevi.
• Lopes, P. ve Lima Rodrigues, L. (2007). Accounting For Financial İnstruments: An Analysis of The Determinants of Disclosure in The Portuguese Stock Exchange, The International Journal of Accounting, 42, 25-56. https://doi. org/10.1016/j.intacc.2006.12.002
• Malaquias, R. F. ve Lemes, S. (2013). Disclosure of Financial İnstruments According To International Accounting Standards: Empirical Evidence From Brazilian Companies, Brazilian Business Review, 10(3), 82-107. https://doi. org/10.15728/bbr.2013.10.3.4
• Malaquias, R. ve Zambra, P. (2018). Disclosure of financial instruments: Practices and challenges of Latin American firms from the mining industry, Research in International Business and Finance, 45, 158-167. https://doi. org/10.1016/j.ribaf.2017.07.144
• Schmidt, Amand F. ve C. Finana (2018). Linear Regression And The Normality Assumption, Journal of Clinical Epidemiology, 98, 146-151. https://doi.org/10.1016/j.jclinepi.2017.12.006
• Sevi̇m, Ş. ve Altunal, I. (2015). Finansal Araçların Muhasebeleştirme Politikalarına Etki Eden Faktörler: Borsa İstanbul (BİST) Mali Sektörde Bir Araştırma, Muhasebe Bilim Dünyası Dergisi, 17 (4) , 821-844.
• Taylor, G., Tower, G., Van der Zahn, M. ve Neilson, J. (2008). Corporate Governance Determinants On Australian Resource Companies’ Financial İnstrument Disclosure Practices, Asian Review of Accounting, 16, 56-73. https:// doi.org/10.1108/13217340810872472
• T.C. Resmi Gazete, 6102 No.lu Türk Ticaret Kanunu. 14.02.2011, Sayı: 27846. https://www.resmigazete.gov.tr/ eskiler/2013/06/20130613-11.htm (Erişim tarihi: 28.11.2022).
• T.C. Resmî Gazete, 6362 Sayılı Sermaye Piyasası Kanunu. 06.12.2012, Sayı: 28513. https://www.resmigazete. gov.tr/eskiler/2012/12/20121230-1.htm (Erişim Tarihi: 28.11.2022).
• Tokol, A. (2001). Çok Uluslu Şirketler ve Endüstri İlişkilerine Etkileri, http://www.isguc.org/arc_view.php?ex=63 (Erişim tarihi: 02.01.2021).
• Tolga, B. (2014). UFRS Dipnot Açıklama Gerekliliklerine Uyum: Literatür Araştırması, Mali Çözüm Dergisi, Temmuz-Ağustos, 179-190.
• Watts, R.L. ve Zimmerman, J.L. (1990). Positive Accounting Theory: A Ten Year Perspective. The Accounting Review, 65(1), 131-156.
• Yalkin, Y. K., Demir, V. & Demir, L. D. (2008). International Financial Reporting Standards (IFRS) and the Development of Financial Reporting Standards in Turkey. Research in Accounting Regulation. 20 pp. 279-294.
• Zarzeski, M. T. (1996). Spontaneous Harmonization Effects of Culture and Market Forces on Accounting Disclosure Practices. Accounting Horizons, 10(1), 18-38.