Historical Financial Information: An Empirical Study on the First Time Adoption of IFRS in Greece

Stamatios Dritsas, George Petrakos

Abstract


In 2004, the Greek Commercial Law incorporated the European Union (EU) regulation regarding the mandatory implementation of International Financial Reporting Standards (IFRS), by all companies listed in Athens Stock Exchange (ASE), for financial years starting January 1st, 2005. This structural evolution in the accounting regulation framework in Greece resulted in substantial changes in the historical financial information provided by the Greek listed companies. The aim of this paper is to identify significant differences between the IFRS and the Greek General Accepted Accounting Principles (or Greek GAAP). Based on the results of the nonparametric statistical analysis, significant differences were noted in a number of areas of financial statements. Furthermore, we detected the areas of financial statements provided by Greek companies where differences have had major impact.


Full Text: PDF DOI: 10.5539/ibr.v7n8p47

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International Business Research  ISSN 1913-9004 (Print), ISSN 1913-9012 (Online)

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