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The Effects and Implications of Kazakhstans Adoption of International Financial Reporting Standards - A Resource Dependence Perspective (Paperback)
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The Effects and Implications of Kazakhstans Adoption of International Financial Reporting Standards - A Resource Dependence Perspective (Paperback)
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Despite having an underdeveloped supporting infrastructure and
limited resources, Kazakhstan was the first CIS country to require
IFRS in 2004 for banks, and in 2005 for all public companies. What
were the economic consequences of this important reform? In the
1990s, Kazakhstans 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 (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 Kazakhstans inflow of Foreign
Direct Investments was the greatest among the CIS nations following
the adoption of IFRS. In addition, in 200511, 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 Moodys rating agency. The book concludes that
Western-style capital market reformsin this emerging market with a
not-so-distant communist pasthad significantly positive outcomes.
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