IFRS Adoption in the EU and the Challenge of Nomenclature Evidence from the UK, France, and Germany

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Author(s): Matthias Nnadi (Rivers State University of Science and Technology, Nigeria)and Sailesh Tanna (Coventry University, Nigeria)
Copyright: 2016
Pages: 10
Source title: Economics and Political Implications of International Financial Reporting Standards
Source Author(s)/Editor(s): Efobi Uchenna (Covenant University, Nigeria), Matthias Nnadi (Rivers State University of Science and Technology, Nigeria), Sailesh Tanna (Coventry University, UK)and Francis Iyoha (Covenant University, Nigeria)
DOI: 10.4018/978-1-4666-9876-5.ch007

Keywords: Accounting & Finance / Accounting and Finance / Business & Management / Business Science Reference

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Abstract

Since the adoption of International Financial Reporting Standards (IFRS) and the subsequent directive by the European Union (EU), all companies operating in the EU are required to report their consolidated financial statements in line with the IFRS. This study examines the consolidated financial statements of the top 170 listed companies in three major EU stock exchanges (UK, France and Germany) and uncovered a disparity in the use of common nomenclatures. The findings reveal that the inconsistencies in the application of terminologies such as statement of financial position instead of balance sheet and sequence of arrangement of assets in order of liquidity constitute the main differences for entities operating in the three countries. Such differences pose an imminent challenge in the comparability and interpretation of financial results.

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IFRS Adoption in the EU and the Challenge of Nomenclature Evidence from the UK, France, and Germany

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