Financial Reporting Quality before and after the Greek Accounting Standards Adoption using NiCE Qualitative Characteristics Measurement Perspective of Competencies Towards Uniformity in Family Business

D. Balios, I. Basiakos, N. Eriotis, P. Kotsilaras, E. Thalassinos
International Journal of Finance, Insurance and Risk Management, Volume 11, Issue 2, 28-41, 2021
DOI: 10.35808/ijfirm/254


Purpose: During the last years an effort is made, at a European and global level in order to introduce financial reporting standards which are similar across different countries, so as to enhance the quality of financial statements and prepare reports which can be comparable and useful for all stakeholders. Under this framework, the new Greek Accounting Standards were developed and are adopted by entities, according to the Law 4308/2014 which incorporates the Directive 34/2013/EU. Design/methodology/approach: The present study uses a sample of 123 Greek companies and investigates the financial reporting quality before and after the adoption of the new standards. Findings: According to results, the quality is ameliorated in terms of relevance, faithful representation, understandability and compliance. On the other hand, timeliness was negatively affected. Practical implications: According to the Greek Law4308/2014, all entities - apart from those obliged to use IFRS - are allowed to choose between the adoption of the new Greek Accounting Standards or IFRS. The study elaborates on the positive effects of the adoption of the new Greek Accounting Standards. Originality/value: The present research is one of the few researches concerning the adoption of the new Greek Accounting Standards, while the stratification and selection process used in order to select the sample was novel regarding existing research on the subject. As a consequence a representative sample is used, in terms of geography and size, and this enhances the quality of the research results.

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