IMPACT OF CULTURE ON INTERNATIONAL FINANCIAL REPORT STANDARDS ASSESSMENT OF FAIR VALUES MEASUREMENT

Daniel Acheampong

Accounting & Taxation, 2021, vol. 13, issue 1, 59-73

Abstract: The paper reviews the cultural impact on implementing the fair values measurement (IFRS 13) enacted by the International Accounting Standard Board. The paper used mixed-methods to analyze the postimplementation responses of 67 respondents to determine the cultural impact of accounting pronouncement implementation. The paper adopted the Globe Project's cultural attributes and categorized the responses under distinct regional groupings. The study identified the patterns from the answers to the eight openended questions and traced them to the cultural traits. The ranking of the cultural traits shows similarities among some regional groupings and differs among some groupings. Among the ten groupings ranked under the eight unique clusters, there was no single cluster with a consistent ranking among all the regional groupings. A one-sample t-test was employed to test the significant difference between the coded responses' overall mean and each unique cluster. The t-test shows no statistically significant difference between the individual clusters and the coded responses' overall mean. The t-test results suggest no evidence to support a cultural impact on implementing the fair values measurement based on the responses from the postimplementation survey from the responding countries

Keywords: Culture; Fair Value Measurement; Exit Price; IFRS 13; Harmonization; Cultural Attributes; Power Distance; Uncertainty Avoidance; Humane Orientation; Institutional Collectivism; In-Group Collectivism; Assertiveness; Gender Egalitarianism; Future Orientation; Performance Orientation (search for similar items in EconPapers)
JEL-codes: M4 (search for similar items in EconPapers)
Date: 2021
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