The perceptions of managers of Greek firms regarding the Costs and Benefits ensuing from the adoption of International Financial Reporting Standards in Greece

Vasilios-Christos Naoum, Nicos Sykianakis and Christos Tzovas
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Vasilios-Christos Naoum: Athens University of Economics and Business, Greece
Nicos Sykianakis: Assistant Professor, Technological Education Institute of Piraeus, Greece
Christos Tzovas: Assistant Professor, Athens University of Economics and Business, Greece

International Journal of Business and Economic Sciences Applied Research (IJBESAR), 2011, vol. 4, issue 3, 59-74

Abstract: The study seeks to investigate the costs and benefits resulting from the application of IFRS in Greece. A questionnaire survey was conducted in order to identify the perceptions of the financial managers of Greek listed firms regarding the benefits and the costs associated with the transition to IFRS. In addition, it was asked to indicate whether the IFRS benefits are sufficient to cover the related costs. Four types of costs appear to be prevalent: personnel training costs, consultants' fees, preparation of two sets of accounts and costs to adjust existing information systems. The findings of the analysis of the responses suggest that, although the majority of respondents believe that the introduction of IFRS improved the quality of the financial statements published by Greek firms, they have serious concerns regarding the costs related to the introduction of IFRS.

Keywords: IFRS adoption; Greece; costs; benefits (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:tei:journl:v:4:y:2011:i:3:p:59-74

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