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The relevance of International Financial Reporting Standards to Kazakhstan: perception of auditors

Abdullah, Aminah and Khadaroo, Iqbal and Zhameshov, Nurlan (2014) 'The relevance of International Financial Reporting Standards to Kazakhstan: perception of auditors.' International Journal of Accounting and Finance, 4 (3). p. 305. ISSN 1752-8224

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Abstract

This paper discusses the relevance of International Financial Reporting Standards (IFRS) to emerging economies in general and Kazakhstan in particular. It uses evidence from interviews conducted with senior auditors from two Big Four accountancy firms in Kazakhstan and prior studies exploring IFRS implementation in emerging economies to shed light on how complex institutional and cultural factors influence accounting. The findings suggest that accounting practices in Kazakhstan are dominated by the historically inherited institutionalised accounting system of the Soviet Union era, when corporate reporting was primarily geared towards meeting the needs of government agencies such as Statistics Committee and tax authorities. The main problems of implementing IFRS in Kazakhstan were pressures to comply with tax codes and the early stage of development of the accounting profession with the consequent lack of IFRS expertise and deficient IFRS enforcement mechanisms.

Item Type: Article
Uncontrolled Keywords: International Financial Reporting Standards; IFRS implementation; accounting; emerging economies; Kazakhstan; auditing; institutional factors; cultural factors; culture; tax codes; IFRS enforcement.
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Essex Business School
Faculty of Social Sciences > Essex Business School > Essex Accounting Centre
Depositing User: Jim Jamieson
Date Deposited: 19 Nov 2014 10:13
Last Modified: 13 Nov 2015 15:02
URI: http://repository.essex.ac.uk/id/eprint/11714

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