Universal Journal of Accounting and Finance Vol. 7(2), pp. 43 - 49
DOI: 10.13189/ujaf.2019.070202
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Literature Review on the Hellenic Auditing and Accounting Environment before, during and after the Crisis Period

Yiannis K. Yiannoulis ^*
Department of Accounting and Finance, School of Economics and Management, Greece

ABSTRACT

The purpose of this paper is to examine the literature regarding the accounting and auditing environment in Hellas; Hellas is a natural experiment in the sense that has characteristics that substantially differ from the major European countries. "For example, the mandatory adoption of International Financial Reporting Standards (IFRS) on January 1, 2005 aimed to improve the quality of financial reporting in Greece, which had been regularly criticized for earnings management and the ineffectiveness of external auditing" (Tsipouridou and Spathis, 2012, Abstract). In addition, Hellas faced a 10-year economic crisis (2008-2018) which affected/changed the Hellenic corporate and capital market environment. For the years before the crisis and the implementation of IFRS, empirical studies showed that Hellas had the one of the highest levels of earnings management (Bhattacharya et al., 2003 and Leuz et al., 2003). All these features are examined in this article in order to gain insight regarding the quality of Hellenic financial reporting and to investigate the changes that crisis had on financial statements quality. The conclusion is that crisis exaggerated problems that already existed in Hellenic corporate environment.

KEYWORDS
Accounting, Auditing, Hellas, Athens Stock Exchange (ASE)

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Yiannis K. Yiannoulis , "Literature Review on the Hellenic Auditing and Accounting Environment before, during and after the Crisis Period," Universal Journal of Accounting and Finance, Vol. 7, No. 2, pp. 43 - 49, 2019. DOI: 10.13189/ujaf.2019.070202.

(b). APA Format:
Yiannis K. Yiannoulis (2019). Literature Review on the Hellenic Auditing and Accounting Environment before, during and after the Crisis Period. Universal Journal of Accounting and Finance, 7(2), 43 - 49. DOI: 10.13189/ujaf.2019.070202.