The Effects and Implications of Kazakhstan's Adoption of International Financial Reporting Standards

A Resource Dependence Perspective

Business & Finance, Accounting, Financial, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy, International
Cover of the book The Effects and Implications of Kazakhstan's Adoption of International Financial Reporting Standards by Oksana Kim, Ibidem Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Oksana Kim ISBN: 9783838269870
Publisher: Ibidem Press Publication: February 21, 2017
Imprint: Ibidem Press Language: English
Author: Oksana Kim
ISBN: 9783838269870
Publisher: Ibidem Press
Publication: February 21, 2017
Imprint: Ibidem Press
Language: English

?Despite having an underdeveloped supporting infrastructure and limited resources, Kazakhstan was the first CIS country to require international financial reporting standards in 2004 for banks, and in 2005 for all public companies. What were the economic consequences of this important reform? In the 1990s, Kazakhstan's capital market reforms mirrored those of Russia due to the two countries' cooperating mode driven by a high level of resource interdependence and environmental uncertainty, following the collapse of the Soviet Union. Yet, by 2003, dependence on external donors (the IMF, World Bank) took precedence over interdependence with Russia. As a result, Kazakhstan unilaterally proceeded with adoption of IFRS, while Russia backed up from this initiative. This study reports that Kazakhstan's inflow of foreign direct investments was the greatest among the CIS nations following the adoption of IFRS. In addition, in 2005–11, Kazakhstani public firms' reporting quality was higher than that of the Russian public firms operating in a similar environment but exempt from the IFRS reporting requirement. Kazakhstan was the first CIS nation to repay its external debt ahead of schedule and to receive an investment grade from Moody's rating agency. The book concludes that Western-style capital market reforms—in this emerging market with a not-so-distant communist past—had significantly positive outcomes.?

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

?Despite having an underdeveloped supporting infrastructure and limited resources, Kazakhstan was the first CIS country to require international financial reporting standards in 2004 for banks, and in 2005 for all public companies. What were the economic consequences of this important reform? In the 1990s, Kazakhstan's capital market reforms mirrored those of Russia due to the two countries' cooperating mode driven by a high level of resource interdependence and environmental uncertainty, following the collapse of the Soviet Union. Yet, by 2003, dependence on external donors (the IMF, World Bank) took precedence over interdependence with Russia. As a result, Kazakhstan unilaterally proceeded with adoption of IFRS, while Russia backed up from this initiative. This study reports that Kazakhstan's inflow of foreign direct investments was the greatest among the CIS nations following the adoption of IFRS. In addition, in 2005–11, Kazakhstani public firms' reporting quality was higher than that of the Russian public firms operating in a similar environment but exempt from the IFRS reporting requirement. Kazakhstan was the first CIS nation to repay its external debt ahead of schedule and to receive an investment grade from Moody's rating agency. The book concludes that Western-style capital market reforms—in this emerging market with a not-so-distant communist past—had significantly positive outcomes.?

More books from Ibidem Press

Cover of the book Journal of Soviet and Post-Soviet Politics and Society by Oksana Kim
Cover of the book Detecting and Modeling the Changes of Land Use and Land Cover for Land Use Planning in Da Nang City, Vietnam by Oksana Kim
Cover of the book The Culmination of Conflict by Oksana Kim
Cover of the book Higher Education in Post-Communist States by Oksana Kim
Cover of the book The Belzec Death Camp by Oksana Kim
Cover of the book Development and Dystopia by Oksana Kim
Cover of the book Limits of a Post-Soviet State by Oksana Kim
Cover of the book From New National to World Literature by Oksana Kim
Cover of the book Changing Images of the Left in Bulgaria by Oksana Kim
Cover of the book Transnational Ukraine? by Oksana Kim
Cover of the book Forum für osteuropäische Ideen- und Zeitgeschichte by Oksana Kim
Cover of the book Kind Words, Cruise Missiles, and Everything in Between by Oksana Kim
Cover of the book The Quest for an Ideal Youth in Putin's Russia I by Oksana Kim
Cover of the book Under Swiss Protection by Oksana Kim
Cover of the book The Holocaust in Central European Literatures and Cultures by Oksana Kim
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy