The Timeliness of Financial Reporting and the Russian Banking System: An Empirical Study

Robert McGee and Thomas Tarangelo
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Thomas Tarangelo: Florida International University Biscayne Bay Campus

Chapter 34 in Accounting Reform in Transition and Developing Economies, 2008, pp 467-487 from Springer

Abstract: Transparency is one of those terms that have many facets. It is used in different ways. It can refer to the openness of governmental functions. It can refer to a country's economy. Or it can refer to various aspects of corporate governance and financial reporting. The OECD (1998) lists transparency as one element of good corporate governance. Kulzick (2004) and others (Blanchet, 2002; Prickett, 2002) view transparency from a user's perspective. According to their view, transparency includes the following eight concepts: accuracy, consistency, appropriateness, completeness, clarity, timeliness, convenience, and governance and enforcement. This paper focuses on just one aspect of transparency — timeliness. The International Accounting Standards Board considers timeliness to be an essential aspect of financial reporting. In APB Statement No. 4, the Accounting Principles Board (1970) in the USA listed timeliness as one of the qualitative objectives of financial reporting disclosure. APB Statement No. 4 was later superseded but the Financial Accounting Standards Board continued to recognize the importance of timeliness in its Concepts Statement No. 2 (1980). The US Securities and Exchange Commission also recognizes the importance of timeliness and requires that listed companies file their annual 10-K reports by a certain deadline.

Keywords: Corporate Governance; International Financial Reporting Standard; Earning Announcement; Audit Firm; Generally Accept Account Principle (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-0-387-25708-2_34

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