Adoption History

Greece

Accounting standard regulator in Greece has adopted IFRS through three phrases. In 2000, Europe Union proposed IAS (International Accounting Standard) as the accounting standard of its member countries and, in 2002, passed the regulation to require all its members to adopt IFRS. (Georgakopoulou & Spathis & Floropoulos, 2007, Page 3) Even though Member countries didn’t have to implement IFRS immediately but have the option to delay until 2007, (Europe Union, 2008, Page 2) Greece, in 2004, legitimately adopted IFRS in its accounting system and would start to require the listed companies to change from GAAP to IFRS compulsively after January 2005. Besides, volunteer adoption for non-listed firms was permitted in 2004. (Apostolou & Nanapoulos, 2006, Page 2) However, prior to 2005, very few non-listed companies chose to adopt the IFRS due to various reasons such as shortage of educated auditors on IFRS or lack of motivation for non-listed firms to attract foreign capital. (Apostolou & Nanapoulos, 2006, Page 2). The situation might have changed a bit after IFRS became mandatory to listed firms but there was still significant amount of non-listed firms which had not yet complied with IFRS in 2006 (Apostolou & Nanapoulos, 2006, Page 16). This is the adopting process of IFRS in Greece.

 

 

Reference

 

Implementation of the IAS Regulation (1606/2002) in the EU and EEA, 2008, Page 2

Apostolou, A.K. and Nanapoulos, K.A. 2006, IFRS Voluntary Compliance: The Case of Greece, Page 2 and Page 16

Georgakopoulou, E., Spathis, C. And Floropoulos, I. 2007, The Transition Phase from Greek GAAP to IFRS: Evidence  from the Greek Industrial Sector, Page 3