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

journal contribution
posted on 2023-06-09, 01:25 authored by Iqbal Khadaroo, Nurlan Zhameshov
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.

History

Publication status

  • Published

Journal

International Journal of Accounting and Finance

ISSN

1752-8224

Publisher

Inderscience

Issue

3

Volume

4

Page range

305-322

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2016-05-31

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