Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Malta

Abstract

We analyse the extent to which International Financial Reporting Standards (IFRS) have influenced the development of the national generally accepted accounting principles (GAAP) in the transposition of Directive 2013/34/EU in Malta including whether they are used as a reference point in the interpretation of the national GAAP. Malta mandated the use of IFRS by all companies for a significant number of years. This has resulted in IFRS influencing the development of the national GAAP; and enforcers and other key stakeholders viewing IFRS positively.

Keywords:

• EU accounting directive 2013/34/EU
• IFRS
• Malta national GAAP
• SMEs