A STUDY ON THE IMPACT OF FINANCIAL REPORTING STANDARDS ON THE ACCOUNTING QUALITY

Abstract

The objective of this study is to analyze the impacts of obligatory or voluntary TFRS/IFRS implementations on the accounting quality of companies. For this purpose, in this study, discretionary accruals of 5435 listed companies from 26 countries were compared by the before and after IFRS implication start date. In order to obtain discretionary accruals we used Modified Jones Model. According to the research findings, implementation of TFRS influenced the quality of accounting positively in Turkey, where the implementation of TFRS is obligatory. As per the assessments conducted for the EU countries, it was determined that the IFRS implementations had a positive impact on the accounting quality in Germany, France, Italy, and Poland, where the implementation is obligatory, and in Britain and Sweden, where the implementation is voluntary. On the other hand, according to the analysis conducted for the developed countries, the IFRS implementations influenced the quality of accounting in a positive manner in the enterprises of countries such as South Korea, where the implementation is obligatory. It was determined that the implementation of IFRS had a positive impact on the quality of accounting only in Argentina, Philippines and South Africa among the developing countries. Lastly, it was reported that this research study had some constraints and certain suggestions were made for further studies.. 

Keywords

• TFRS,IFRS,Accounting Quality,Discretionary Accruals

FİNANSAL RAPORLAMA STANDARTLARININ MUHASEBE KALİTESİNE ETKİSİ ÜZERİNE BİR ARAŞTIRMA

Abstract

Bu araştırmanın amacı, Türkiye’de ve Dünya’da TFRS/IFRS’yi zorunlu ve gönüllü uygulayan işletmelerde TFRS/IFRS uygulamalarının muhasebe kalitesi üzerindeki etkisini analiz etmektir. Araştırmada, TFRS/IFRS’nin uygulamaya başlamadan önce (2000-2004) ve sonra (2005-2014) Türkiye ve 25 farklı ülkede listelenmiş 5.435 işletmenin isteğe bağlı tahakkukları karşılaştırılmıştır. Araştırmada isteğe bağlı tahakkukların hesaplanmasında Düzeltilmiş Jones Model’inden faydalanılmıştır. Araştırma bulgularına göre; TFRS’yi zorunlu olarak uygulayan Türkiye’de faaliyet gösteren işletmelerin TFRS uygulamalarının, muhasebe kalitesini pozitif yönde etkilediği tespit edilmiştir. AB ülkeleri kapsamında yapılan değerlendirmelerde ise IFRS’yi zorunlu olarak uygulayan Fransa, İtalya, Polonya ve gönüllü olarak uygulayan İngiltere ve İsveç’te IFRS uygulamalarının muhasebe kalitesi üzerinde pozitif etkiye sahip olduğu saptanmıştır. Öte yandan gelişmiş olan ülkeler açısından yapılan analizde IFRS’yi zorunlu olarak uygulayan ülkelerden sadece Güney Kore’deki işletmeler açısından IFRS uygulamalarının muhasebe kalitesini pozitif yönde etkilediği belirlenmiştir. IFRS’yi gönüllü olarak uygulayan gelişmekte olan ülkelerden sadece Arjantin’deki işletmeler için IFRS uygulamaları muhasebe kalitesini pozitif yönde etkilediği tespit edilmiştir. Son olarak, bu araştırmanın bazı kısıtları olduğu belirtilmiş ve bu konu ile ilgili olarak gelecekte araştırma yapacaklara bazı öneriler sunulmuştur. 

Keywords

• TFRS,IFRS,Muhasebe Kalitesi,İsteğe Bağlı Tahakkuklar

References

1. Acar, D. ve Tetik, N. (2013). Genel Muhasebe. 11. Baskı, Detay Yayıncılık, Ankara.
2. Ahmed, A.S., Neel, M. ve Wang, D. (2013). Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence. Contemporary Accounting Research, 30(4).
3. AliShah, S.Z., Butt, S.A. and Hasan, A. (2009). Corporate Governance and Earnings Management an Empirical Evidence Form Pakistan Listed Companies. European Journal of Scientific Research, 26(4), 624–638.
4. Ames, D. (2013) IFRS Adoption and Accounting Quality: The Case of South Africa. Journal of Applied Economics and Business Research JAEBR, 3(3), 154- 165.
5. Barth, M., Landsman, W.R., Lang, M. H. ve Wıllıams, C. (2006). Accocunting Quality: International Accounting Standards and US GAAP. http://www.accountancy.smu.edu.sg/research/seminar/pdf/MaryBARTH_paper.pdf (10 Ekim 2016).
6. Barth, M.E., Landsman, W. R.ve Lang M. H. (2008). International Accounting Standards and Accounting Quality. Journal of Accounting Research, 46, 467-498.
7. Barth, M.E., Armstrong, C., Japolinzer D.and Rıedl, E.J. (2008). Market Reaction to The Adoption of IFRS in Europe. http://www.nd.edu/~carecob/May2008Conference/Papers/RiedlABJR0215200.pdf.
8. Bhattacharya, U., Daouk, H. ve Welker, M. (2003). The World Price of Earning Opacity. The Accounting Review ,78 (3), 641-678.

9. Boumediene, E., Boumediene, S.L. ve Nafti, O. (2014). Impact of Adopting IAS-IFRS on The Handling of Accounting Data: The Case of France. The Journal of Applied Business Research, 30(4).
10. Can, A.V. (2010). Krizin Muhasebesi ve Muhasebenin Krizi. Mali Çözüm Sayı: 97, 21-48.
11. Chan, K., Jegadeesh, N. and Sougiannis, T. (2004). The Accrual Effect on Future Earnings. Review of Quantitative Finance and Accounting, 22(2), 97-121.
12. Chen, H., Tang, Q., Jiang, Y. ve Lin, Z. (2010). The Role of International Financial Reporting Standards in Accounting Quality: Evidence from the European Union. Journal of International Financial Management & Accounting, 21(3).
13. Christensen, H.B., Lee, E. ve Walker, M. (2008). Incentives or Standards: What Determines Accounting Quality Changes Around IFRS Adoption?. risk/Portals/0/docs/ChristensenLeeWalker2008-IncentivesStandards.pdf.
14. Daske, H., Hail, L., Leuz, C., ve Verdi, R. (2007). Adopting a Label: Heterogeneity in the Economic Consequences of IFRS Adoptions. Working paper, University of Pennsylvania and University of Chicago, Available at SSRN: http://ssrn.com/abstract=979650.
15. Dechow, P.M., Sloan, R.G. ve Sweeney, A.P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193-225.
16. Dechow, P.M. ve Schrand, C.M. (2004). Earnings Quality, The Research Foundation of CFA Institute.
17. Doukakis, L.C. (2014). The Effect of Mandatory IFRS Adoption on Real and Accrual-Based Earning Management Activities. Journal of Accounting and Public Policy (JAPP), Vol. 33, Issue 6, 551-572.
18. Eccher, E.A. ve Healy, P.M. (2000). The Role of International Accounting Standards in Transitional Economies: A Study of the People's Republic of China. http://dx.doi.org/10.2139/ssrn.233598.
19. El-Gazzar, S.M. and Philip, M.F. (2017). Restatements and Accounting Quality: A Comparison Between IFRS and US-GAAP. Journal of Financial Reporting and Accounting, Vol. 15, Issue.1, 39-58.
20. Healy, P.M. (1985). The Effect Of Bonus Schemes On Accounting Decisions. Journal of Accounting and Economics, 7(1), 85-107. doi:10.1016/0165-4101(85)90029
21. Zeghal, D., Chtourou, S.M. ve Fourati, Y.M. (2012). The Effect of Mandatory Adoption of IFRS on Earning Quality: Evidence from The European Union. Journal of International Accounting Research, Vol. 11, Issue: 2, 1-25.
22. Jones, J.J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, 29(2), 193-228.
23. Karabayır, M.E. (2012). Uluslararası Finansal Raporlama Standartları ve Muhasebe Kalitesi: İMKB Örneği. Ankara Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Doktora Tezi.
24. Kargin, M., Aktaş, R. ve Demirel Arıcı, N. (2015). Kurumsal Yönetimin Finansal Raporlama Kalitesindeki Rolü: Borsa İstanbul Üzerine Karşılaştırmalı Bir Uygulama. Yönetim Muhasebe Kalitesi ve Ekonomi, Cilt: 22/2, 501-519.
25. Kaur, R., Sharma, K. and Khanna, A. (2014) Detecting Earnings Management in India: A Sector - Wise Study. European Journal of Business and Management, 6.
26. Koçel, T. (2001). İşletme Yöneticiliği. Beta Basım Yayım Dağıtım, İstanbul.
27. Lin, Z.J. and Chen, F. (2005). Value Relevance of International Accounting Standards Harmonization: Evidence from A-Share and B-Share Markets in China. Journal of International Accounting, Auditing and Taxation, 14(2), 79–103.
28. Kothari, S., Leone, A.J. and Wasley, C.E. (2005). Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics, 39, 163-197.
29. Lopes, C., Cerqueira, A. ve Brandão, E. (2010), Impact of IFRS Adoption on Accounting Quality in European Firms. Journal of Modern Accounting and Auditing, 6(9).
30. Martínez-Ferrero, J. (2014). Consequences of Financial Reporting Quality on Corporate Performance. Evidence at The International Level. Estudios de Economía, 41(1).
31. Memiş, M.Ü., Çetenak, M.E. (2012). Kurumsal Yönetimin Kazanç Yönetimi Uygulamaları Üzerine Etkisi: İMKB’de İşlem Gören Şirketler Üzerine Uygulama. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21(3), 213-214.
32. Niskanen, J., Kinnunen, J. and Kasanen, E. (2000). The Value Relevance of IAS Reconciliation: Empirical Evidence From Finland. Journal of Accounting and Public Policy, 19(2), 119–137.
33. Paanamen, M. ve Lin, H. (2009). The Development of Accounting Quality of IAS and IFRS Over Time: The Case of Germany. Journal of International Accounting Research, 8(1).
34. Platikanova, P. ve Perroman, J. (2012). Economic Consequences of the First-Time IFRS Introduction in Europe. Spanish Journal of Finance and Accounting, Vol. 41, 497-518.
35. Pirveli, E. (2014). Accounting Quality in Georgia: Theoretical Overview and Development of Predictions. International Journal of Business and Social Science, Vol: 5, No: 3.
36. Street, D.L., Gray, S.J. ve Bryant, S.M. (1999). Acceptence and Observence of International Accounting Standards: An Empirical Study of Companies Claimin to Comply with IASs. The International Journal of Accounting, Vol. 34, Issue 1, 11-48.
37. Umobong, A.A. ve Akani, D. (2015). IFRS Adoption and Accounting Quality of Quoted Manufacturing Firms in Nıgeria: A Cross Sectional Study Of Brewery and Cement Manufacturing Firms. Inernational Journal of Business and Management Review, Vol: 3, No: 6, 61-77.
38. Uyar, M. (2013). The Impact of Switching Standard on Accounting Quality. Journal of Modern Accounting and Auditing, 9(4).
39. Vantendelo, B. ve Vanstraelen, A. (2005). Earnings Management Under German GAAP Versus IFRS. European Accounting Review, Vol.14, No. 1, 155- 180.
40. Verluen, M., Georgakopoulos, G., Sotiropoulos, I. ve Vasileiou, K.Z. (2011). The Sarbanes-Oxley Act and Accounting Quality: A Comprehensive Examination. International Journal of Economics and Finance, Vol:3, No: 5.
41. Zeghal, D. ve Mbedhbi, K. (2006). An Analysis of the Factors Affecting the Adoption of International Accounting Standards by Developing Countries. The International Journal of Accounting, Vol. 41, 373-386.
42. http://tdkterim.gov.tr/bts/, (10 Nisan 2016).