Ensuring the "true and fair view principle" of banks’ financial statements after the introduction of the application of IFRS : the case of Greece

In a highly volatile economic environment, like the one we are facing nowadays, there is a need, increasing day by day, for adequate and reliable information from companies of all economic sectors, in a way that everyone would be able to extract the maximum true and fair conclusions. However, emphasis is given to the banking sector, and that’s because banks are considered as the cornerstone of the financial support system especially in periods that economies collapsing. The present survey examines IFRS requirements, on how significant disclosures should appear adequately in financial reporting. The survey based on the analysis of financial figures combined with: the application of the Standards and requirements of the basic accounting principle of "true and fair view". Specifically: • Transactions effects and events, that are treated based on specific IFRS , are isolated and approximated using an analysis that starts from the overall picture and conclude in analysis of specific transactions. • Findings and effects of transactions that led to banks financial figures, are collected and evaluated based on specific order (major influence on Bank’s net position). • In order to try to assess the financial information’s level provided, compared with the disclosure requirements of IFRS for certain transactions and events, the financial statements of Athens Stock Exchange publicly listed Banks for the year 2009 are studied. The survey mainly focusing on events that have significant impact on the assets shown in the Financial Statements of Banks (Balance Sheet, P&L, changes in equity, cash flow) and data taken by key financial indicators as conditions. Survey’s main conclusion is that the level of information provided in the published financial statements is constantly improving and tends to reflect adequately Bank’s "true and fair view" without yet having reached the desired level. Also the survey showed that the incomplete quote mandatory disclosures set by IFRS tend to be bound by a limited number of banks. The weaknesses which have been properly identified classified and analyzed their impact on quality information, while emphasizing the decisive role of regulators in the development of quality of information that will contribute decisively to the emergence of financial position and operations results, as dictated the basic accounting principle and the needs of today's world economy.peer-reviewe

The interim financial statements : the case of Greece

The following paper refers to the accounting and auditing issues which emerge in the preparation of the interim financial statements of the companies: Firstly, the interim financial statements are defined as being the financial statements that provide useful information about the financial position and the financial results of a company which are realized and accrued during the fiscal year. The interim financial statements can be prepared on a monthly basis, on a quarterly basis or covering any other time period of the fiscal year. Subsequently, the various problems and difficulties that are faced in the preparation of the interim financial statements are analyzed such as seasonality issues, accruals etc. Moreover, the provisions of the Opinion No 28 of the APB are thoroughly analysed concerning the relevant accounting issues emerging in the preparation of the interim financial statements. Furthermore, the paper deals with the auditing of the interim financial statements according to the provisions of the Standard No 9 of the FEE coupled with a thorough analysis of the respective auditing practices applied in Greece. Finally, detailed suggestions are put forward aiming at the improvement of the content of the interim financial statements which are prepared by the Greek companies, in order to upgrade the reliability of the information conveyed to the users of the financial statements.peer-reviewe