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COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING PARADIGM: A TALE OF TWO TRANSITION PATHSDownload This Article
This study assesses the effectiveness of contrasting regulatory approaches taken by two transition economies, namely Russia and Kazakhstan, to bring about the organisational changes prompted by International Financial Reporting Standards (IFRS). Taking International Accounting Standard (IAS) 36, with specific reference to impairment of goodwill, this paper evaluates the compliance patterns resulting from voluntary adoption by Russia and the mandated approach of Kazakhstan.
The results indicate an increasing trend in the levels of compliance by Russian and Kazakhstan firms with Russian firms surpassing the latter which is argued to be due to the contrasting approaches to IFRS adoption in both countries. Policy and regulatory implications to transition countries contemplating on shifting to the principles based paradigm is also discussed.
Keywords: IAS36, IFRS, Impairment, Transitional Economies, Russia, Kazakhstan
How to cite this paper: Ramachandra, S., Olesen, K., Narayan, A. K., & Tsoy, A. (2014). Compliance with international financial reporting paradigm: A tale of two transition paths. Corporate Ownership & Control, 11(4-3), 338-354. https://doi.org/10.22495/cocv11i4c3p5