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City, University of London Institutional Repository Citation: Al-Bannay, A.M. (2002). Perceptions among accountants, auditors and users of IAS in preparing annual accounts: the case of Kuwait. (Unpublished Doctoral thesis, City University London)
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CONTENTS
VOLUME II Pages BIBLIOGRAPHY
277
APPENDICES
294
I
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APPENDICES
Pages Appendix A:
Accountants Questionnaire
295
Appendix B:
Auditors Questionnaire
306
Appendix C:
External Users Questionnaire
317
Appendix D:
Accountants Questionnaire Before the Pilot Test
325
Appendix E:
Auditors Questionnaire Before the Pilot Test
336
Appendix F:
External Users Questionnaire Before the Pilot Test
347
Appendix G:
Accountants Questionnaire After the Pilot Test
355
Appendix H:
Auditors Questionnaire After the Pilot Test
366
Appendix I:
External Users Questionnaire After the Pilot Test
377
Appendix J:
International Accounting Standards (November 2001)
385
294
-
The First Questionnaire Section 1: Familiarity and Knowledge Regarding IAS
Ql:
Please use the following scale to rate your knowledge of IAS. (1) none
(4) very much
(2) a little
(3) moderate
(5) a great deal
Q2: How did you acquire your knowledge about IAS? (You can choose more than one answer) (1) from other accountants (2) by attending training courses (3) by direct practicing (4) by reading publications regarding IAS (5) other sources (please list
Q3:
If you selected item (2) 'attending training courses', please (i)
mention the number of training courses that you have attended
(ii) mention the approximate date of: (1) the first training course you attended (2) the latest training course you attended
296
(iii)
Does your company currently stipulate that all new recruits, as accountants, should have IAS training? (1) yes
(iv)
(2) no (please move to question V))
If yes, (a) who provides training courses for such a purpose? (1) the company
(2) external providers (Please state
1
.n
1
.)
(b) Please state, on average, how many of these training courses your accounting staff are expected to attend per year. [
(v)
Q4:
I
If no, please use the space below to describe why.
If you selected item (4) 'reading publications regarding IAS', please use the following scale to rate the frequency of using this source to update your knowledge.
(1) rarely
(4) very often
(2) often (5) to a great deal
297
(3) reasonable
Section 2 : Implementation of IAS and Consequent Difficulties
Q5:
Have you applied IAS's in the preparation of annual accounts before you joined your present company? (1) yes
(2) no (please move to question (6))
Q5A: If yes, please (i)
give the number of years that you have been applying IAS's in the preparation of annual accounts
(ii)
use the following scale to describe the level of your experience regarding IAS: (1) very limited
(2) limited
(4) good
(5) very good
298
(3) moderate
(iii)
Tick the standards you have used - or are familiar with - in preparation of annual accounts using IAS.
TICK IAS 1 (revised)
Presentation of Financial Statements (effective 1 July 1998)
IAS 2
Inventories
IAS 4
Depreciation Accounting
IAS 5
Information to be Disclosure in Financial Statements (to be superseded 1 July 1998)
IAS 7
Cash Flow Statements
1AS 8
Net Profit or Loss for the Period, Fundamental Errors & Changing in Accounting Policies
IAS 9
Research and Development Cost
IAS 10
Contingencies and Events Occuring After the Balance Sheet Date
IAS 11
Construction Contracts
IAS 12
Income Taxes (effective 1 January 1998)
IAS 13 (revised)
Presentation of Current Assets and Current Liabilities (effective 1 July 1998)
IAS 14 (revised)
Segment Reporting (effective 1 July 1998)
IAS 15
Information Reflecting the Effects of Changing Prices
IAS 16
Proporting, Plant & Equipment
IAS 17 (revised)
Accounting for Leases (effective 1 January 1999)
IAS 18
Revenue
IAS 19
Retirement Benefit Costs
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
IAS 21
The Effects of Changes in Foreign Exchange Rates
IAS 22
Business Combinations
IAS 23
Borrowing Costs
IAS 24
Related Disclosures
IAS 25
Accounting for Investments
IAS 26
Accounting Reporting by Retirement Benefit Plans
IAS 27
Consolidated Financial Statements and Accounting for Investment in Subsidiaries
IAS 28
Accounting for Investments in Associates
IAS 29
Financial Reporting in Hyperinflationary Economics
IAS 30
Disclosure in the Financial Statements of Banks and Similar Financial Institutions
IAS 31
Financial Reporting of Interests in Joint Ventures
IAS 32
Financial Instruments : Disclosure and Presentation
IAS 33
Earnings Per Share (effective 1 January 1998)
299
Q6:
What was your perception of the IAS when you first started using them? (1) very low (2) low (3) neutral (4) high
Q7:
(5) very high
What is your perception of the IAS today when using them? (1) very low
(4) high
Q8:
(2) low
(3) neutral
(5) very high
Do you currently have difficulties in applying IAS regarding?
(a) measurement = (measuring of financial statement items) (1) yes
(2) no (please move to question (8B))
(b) disclosure = (disclosuring of financial statement items) (1) yes
(2) no (please move to question (8B))
300
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Section 3 : Company Advantages of Applying and Using IAS
Q9: Do you believe that your company has benefited from applying IAS? (1) yes
(2) no (please move to question (9B))
Q9A: If yes, please use the following scale to rate the benefits which you believe your company has achieved by applying IAS. Very
Very Low
Low (a) Effectiveness of accounting system (b) Ease of implementation (c) Flexibility of the system (d) Understanding and communicating IAS (e) Better foreign trade and business opportunities (f) Less time compared with old system (g) More accurate cost and assets value data (h) More accurate profit measurement (i)
other (please state)
Q9B: If no, please use the space below to describe why.
302
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Q11: Do you believe that IAS are good for the Kuwaiti business environment? (1) not at all
(2) a little
(3) reasonable
(4) to a good degree (5) to a great deal
Section 4: Demographic Variables
Q12: Age group:
(1) less than 25
(2)25 and less than 35 (3)35 and less than 45 (4)45 and less than 50 (5)50 or more
Q13: Education:
(1) Higher Diploma in Accounting or equivalent. (2) B.S. in Accounting or equivalent. (3) Qualified Accountant (e.g. Chartered Account). (4) M.S. in Accounting or equivalent. (5) Ph.D. in Accounting or equivalent.
Q14: Years of experience as an accountant: (1) less than 1 year (2) 1 year and less than 5 (3) 5 years and less than 10 (4) 10 years and less than 15 (5) 15 years or more
Q15: Number of years as a practicing accounting
Q16: Nationality:
(1) Kuwaiti (2) Non-Kuwaiti
Q17: What is the title of your post
Q18: If you would like to receive a summary of the survey results, please provide the following information: (a) your name (b) company name (c) address
305
The Second Questionnaire Section 1: Familiarity and Knowledge Regarding IAS
Ql:
Please use the following scale to rate your knowledge of IAS. (1) none
(4) very much
(2) a little
(3) moderate
(5) a great deal
Q2: How did you acquire your knowledge about IAS? (You can choose more than one answer) (1) from other auditors and accountants (2) by attending training courses (3) by direct practicing (4) by reading publications regarding IAS (5) other sources (please list
Q3:
)
If you selected item (2) 'attending training courses', please (i) mention the number of training courses that you have attended (ii) mention the approximate date of: (1) the first training course you attended (2) the latest training course you attended
(iii)
Does your office (firm) currently stipulate that all new recruits, as auditors, should have TAS training? (1) yes
(iv)
(2) no (please move to question (v) )
If yes, (a) who provides training courses for such a purpose? (1) the office (firm) (2) external providers (please state
..)
(b) please state, on average, how many of these training courses your auditing staff are expected to attend per year.
(V)
If no, please use the scape below to describe why.
If you selected item (4) 'reading publications regarding TAS', please use the following scale to rate the frequency of using this source to update your knowledge. (1) rarely
(2) often
(4) very often
(5) to a great deal
308
(3) reasonable
Section 2 : Implementation of IAS and Consequent Difficulties
Q5:
Have you audited the accounts of companies that used IAS's in the preparation of annual reports before you joined your present office (firm)? (2) no (please move to question (6) )
(1) yes
Q5A: If yes, please (i)
give the number of years that you have been auditing the accounts of companies that used IAS's in the preparation of annual reports
(ii)
use the following scale to describe the level of your experience regarding auditing companies who have applied IAS in preparing their accounts: (1) very limited
(2) limited
(4) good
(5) very good
309
(3) moderate
(iii)
Tick the standards that companies you audited have used in preparation of annual reports using IAS.
TICK IAS 1 (revised)
Presentation of Financial Statements (effective 1 July 1998)
IAS 2
Inventories
IAS 4
Depreciation Accounting
IAS 5
Information to be Disclosure in Financial Statements (to be superseded 1 July 1998)
IAS 7
Cash Flow Statements
1AS 8
Net Profit or Loss for the Period, Fundamental Errors & Changing in Accounting
IAS 9
Research and Development Cost
JAS 10
Contingencies and Events Occuring After the Balance Sheet Date
IAS 11
Construction Contracts
IAS 12
Income Taxes (effective 1 January 1998)
Policies
1AS 13 (revised)
Presentation of Current Assets and Current Liabilities (effective 1 July 1998)
IAS 14 (revised)
Segment Reporting (effective 1 July 1998)
IAS 15
Information Reflecting the Effects of Changing Prices
IAS 16
Proporting, Plant & Equipment
IAS 17 (revised)
Accounting for Leases (effective 1 January 1999)
IAS 18
Revenue
IAS 19
Retirement Benefit Costs
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
IAS 21
The Effects of Changes in Foreign Exchange Rates
IAS 22
Business Combinations
IAS 23
Borrowing Costs
1AS 24
Related Disclosures
IAS 25
Accounting for Investments
IAS 26
Accounting Reporting by Retirement Benefit Plans
(AS 27
Consolidated Financial Statements and Accounting for Investment in Subsidiaries
IAS 28
Accounting for Investments in Associates
IAS 29
Financial Reporting in Hyperinflationary Economics
1AS 30
Disclosure in the Financial Statements of Banks and Similar Financial Institutions
IAS 31
Financial Reporting of Interests in Joint Ventures
IAS 32
Financial Instruments : Disclosure and Presentation
1AS 33
Earnings Per Share (effective 1 January 1998)
310
Q6:
Please use the scale below to rate your perception of companies' success at using IAS when you first started auditing companies who prepared their accounts using these standards. (1) very low (2) low (4) high
Q7:
(3) neutral
(5) very high
Please use the scale below to rate your perception of companies' success at using IAS today.
Q8:
(1) very low
(2) low
(4) high
(5) very high
(3) neutral
From your point of view, do companies currently have difficulties in applying IAS regarding?
(a) measurement = (measuring of financial statement's items) (1) yes
(2) no (please move to question (8B) )
(b) disclosure = (disclosing financial statement's items) (2) no (please move to question (8B) )
(1) yes
311
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Q11: As an auditor, do you believe that IAS is good for the Kuwaiti business environment? (1) not at all
(2) a little
(3) reasonable
(4) to a good degree (5) to a great deal
Section 4: Demographic Variables
Q12: Age group:
(1) less than 25 (2) 25 and less than 35 (3) 35 and less than 45 (4) 45 and less than 50 (5) 50 or more
Q13: Education:
(1) Higher Diploma in Accounting or equivalent. (2) B.S, in Accounting or equivalent. (3) Qualified Auditor (e.g. CPA, CIA). (4) M.S. in Accounting or equivalent. (5) Ph.D. in Accounting or equivalent.
315
Q14: Years of experience as an auditor: (1) less than 1 year (2) 1 year and less than 5 (3) 5 years and less than 10 (4) 10 years and less than 15 (5) 15 years or more
Q15: Number of years as a practicing accounting and auditing
Q16: Nationality:
(1) Kuwaiti (2) Non-Kuwaiti
Q17: What is the title of your post
Q18: If you would like to receive a summary of the survey results, please provide the following information: (a) your name ............................................................... (b) office (firm) name (c) address .................................................................. ...
316
The Third Questionnaire
Section 1 : External Users Advantages of Using Accounting Information Produced Using IAS:
Ql:
Do you think that the information resulting from applying IAS has helped your analysis of companies' accounts? (1)
Q1 A: If
yes
no (move to Q1B)
(2)
yes, please use the following scale to rate the benefits which you believe
your firm/client have achieved by using accounting information resulting from applying IAS:
318
Degree of Benefits Benefits of IAS
Very Little
(a) effectiveness of assets measurement (b) effectiveness of costs measurement (c) effectiveness of profits measurement (d) effectiveness of borrowings measurement (e) effectiveness of format presentations (f) effectiveness of disclosure (g) improvement of quantity of accounting information (h) better performance evaluation (i) effectiveness of comparisons between companies (j) better foreign trades and business opportunities (k) less time compared with the time spent using accounting information produced under the old system (1) equal opportunity to all external users (m) flexibility of the system (n) the availability in your firm of qualified and trained staff in applying IAS (o) ease of communication with accountants about IAS (p) other (please state )
Little
Reasonable
Good
Very Good
Q1B:
If no, please use the space below to describe why.
Q2:
To what extent does your firm/client rely on accounting information resulting from the application of IAS?
(a) very little
(d) to an extent
Q3:
(b) little
(c) reasonable
(d) to a great extent
Do you think that your firm/client will use or continue to use the accounting information resulting from applying IAS without any difficulties?
(a) yes (move to Q4)
Q3A:
(b) no
If no, why not?
320
Q4:
Please use the following scale to rate a number of phrases regarding the implications of applying IAS on the decision making process associated with trading on the stock exchange.
Very Little
Little Reasonable
A good deal
A very good deal
i. Better guidance and enhancement of
the process of decision making with respect to the use of accounting information 2. Improving the process disclosure of accounting information 3. Facilitating of transactions with international stock exchanges
Q5:
As an external user : please describer the impact of applying the IAS in decision making on the financial sectors and investors in Kuwait ?
No impact Little Reasonable High Very high impact impact impact impact i. Brokers: (a) value of transactions (b) number of transactions 2. Financial Analysts: (a) Independent : decision making (b) Internal working in companies : decision making 3 Investment Companies : decision making
321
Section 2: Consequent Difficulties of Applying IAS:
Q6:
Please use the following scale to rate your views of the degree of difficulty associated with your use of accounting information produced by companies using IAS. Degree of Difficulties Difficulties of IAS
Very Severe
problems related to assets measurement problems related to costs measurement problems related to profits measurement problems related to borrowings measurement problems related to reports format problems related to disclosure problems related to quantity of accounting information (h) problems related to performance evaluation (i) problems related to comparisons across companies 0) problems related to foreign trades and business opportunities (k) problems related to time used in carrying out the analysis (I) problems related to the provision of equal opportunity to all external users (m) problems related to the flexibility of the system (n) problems related to the availabilities in your firm of qualified and trained staff in applying IAS (o) problems related to communicating with accountants about IAS (p) conflicts between IAS and stock market regulations other (please state) (q) (a) (b) (c) (d) (e) (f) (g)
322
Severe Moderate
Limited
No difficulties
Q6A: If your rating to any of the previous statements reflect difficulties with your use of IAS, do you think that IAS needs amendment to help, alleviate these problems?
(2) no (move to Section 3)
(1) yes
Q6B: If the answer to Q6A is yes, please use the space below to : (1) describe these amendments/changes and (2) identify how these amendments can overcome the difficulties you identified.
(1) (2) (3)
Section 3: Demographic Variables:
Q7:
Name of the Company
Q8:
Age group:
(1)
less than 25
(2)
25 and less than 35
(3)
35 and less than 45
(4)
45 and less than 55
(5)
55 or more
323
Q9:
Years of experience in business
Q10: Your job title: (please write) (a)
Brokers
(b)
Financial Analysts
(c)
Investment Company
The First Questionnaire Section 1: Familiarity and Knowledge Regarding IAS
Ql:
Please use the following scale to rate your knowledge of IAS. (1) none
(4) very much
(3) moderate
(2) a little (5) a great deal
Q2: How did you acquire your knowledge about IAS? (You can choose more than one answer) (1) from other accountants (2) by attending training courses (3) by direct practicing (4) by reading publications regarding IAS
(5) other sources (please list
Q3:
)
If you selected item (2) 'attending training courses', please (i) mention the number of training courses that you have attended (ii) mention the approximate date of: (1) the first training course you attended (2) the latest training course you attended
326
(iii)
Does your company currently stipulate that all new recruits, as accountants, should have practical knowledge of IAS? (2) no
(1) yes
(iv)
If yes, (a) who provides training courses for such a purpose? (1) the company
I
(2) external providers
1
(please state) (b) please state, on average, how many of these training courses your accounting staff are expected to attend per year.
(v)
?4:
If no, please use the space below to describe why.
If you selected item (4) 'reading publications regarding IAS', please use the following scale to rate the frequency of using this source to update your knowledge.
(1) rarely
(2) often
(3) reasonable (5) to a great deal
(4) very often
327
Section 2 : Implementation of IAS and Consequent Difficulties
5:
Have you applied IAS's in the preparation of annual accounts before you joined your present company? (2) no
(1) yes
5A: If yes, please (i)
give the number of years that you have been applying IAS's in the preparation of annual accounts
(ii)
use the following scale to describe the level of your experience regarding IAS: (1) very limited
(2) limited
(4) good
(5) very good
328
(3) moderate
(iii)
Tick the standards you have used - or are familiar with - in preparation of annual accounts using IAS.
TICK IAS 1 (revised)
Presentation of Financial Statements (effective 1 July 1998)
IAS 2
Inventories
1AS 4
Depreciation Accounting
IAS 5
Information to be Disclosure in Financial Statements (to be superseded 1 July 1998)
1AS 7
Cash Flow Statements
IAS 8
Net Profit or Loss for the Period, Fundamental Errors & Changing in Accounting Policies
.
IAS 9
Research and Development Cost
IAS 10
Contingencies and Events Occuring After the Balance Sheet Date
IAS 11
Construction Contracts
lAS 12
Income Taxes (effective 1 January 1998)
IAS 13 (revised)
Presentation of Current Assets and Current Liabilities (effective 1 July 1998)
IAS 14 (revised)
Segment Reporting (effective 1 July 1998)
IAS 15
Information Reflecting the Effects of Changing Prices
IAS 16
Proporting, Plant & Equipment
IAS 17 (revised)
Accounting for Leases (effective 1 January 1999)
IAS 18
Revenue
IAS 19
Retirement Benefit Costs
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
1AS 21
The Effects of Changes in Foreign Exchange Rates
IAS 22
Business Combinations
1AS 23
Borrowing Costs
IAS 24
Related Disclosures
IAS 25
Accounting for Investments
1AS 26
Accounting Reporting by Retirement Benefit Plans
IAS 27
Consolidated Financial Statements and Accounting for Investment in Subsidiaries
IAS 28
Accounting for Investments in Associates
IAS 29
Financial Reporting in Hyperinflationary Economics
IAS 30
Disclosure in the Financial Statements of Banks and Similar Financial Institutions
IAS 31
Financial Reporting of Interests in Joint Ventures
IAS 32
Financial Instruments : Disclosure and Presentation
1AS 33
Earnings Per Share (effective I January 1998)
329
Q6:
What was your perception of the IAS when you first started using them? (1) very low (2) low (3) neutral (4) high
Q7:
(5) very high
What is your perception of the IAS today when using them? (1) very low
(4) high
Q8:
(2) low
(3) neutral
(5) very high
Do you currently have difficulties in applying IAS regarding? (a) measurement = (measuring of financial statement items) (1) yes
(2) no
(b) disclosure = (disclosuring of financial statement items) (1) yes
(2) no
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Section 3 : Company Advantages of Applying and Using IAS
Q9: Do you believe that your company has benefitted from applying IAS? (1) yes
(2) no
Q9A: If yes, please use the following scale to rate the benefits which you believe your company has achieved by applying IAS. Very
Very Low Low (a) Effectiveness of accounting system (b) Ease of implementation (c) Flexibility of the system (d) Understanding and communicating LAS (e) Better foreign trade and business opportunities (f) Less time compared with old system (g) More accurate cost and assets value data (h) More accurate profit measurement (i)
other (please state)
Q9B: If no, please use the space below to describe why.
332
Reasonable
High High
Q10: Please use the following scale to rate the change in the quality of accounting data supplied to external users e.g. investors, lenders
following the
implementation of IAS. In addition, would you please rank the following factors according to their relative importance, the most important rank 1, the next important rank 2,
etc.
(i)
Relevance of accounting data
(ii)
Reliability of accounting data
(1 )
(2)
(3)
(4)
(5)
Not
A
Reasonable
To a
To a
at all
little
good
great
degree
deal
(iii) Format of annual report (iv) Timeliness of accounting data (v)
Timeliness of annual reports
(vi) Truthfulness & fairness of accounting data (viii) Comparability - across the sectors in Kuwait - with similar companies outside Kuwait
333
RANK
Q11: Do you believe that IAS are good for the Kuwaiti business environment (1) not at all
(2) a little
(3) reasonable
(4) to a good degree (5) to a great deal
Section 4: Demographic Variables
Q12: Age group:
(1) less than 25 (2) 25 and less than 35 (3) 35 and less than 45 (4) 45 and less than 50 (5) 50 or more
Q13: Education:
(1) Higher Diploma in accounting or equivalent (2) 13.Con, in accounting or equivalent or (3) Qualified Accountant (e.g. Chartered Account) (4) MSc in accounting of equivalent (5) Ph.D. in accounting of equivalent
Q14: Years of experience as an accountant: (1) less than a year (2) one year and less than five (3) 5 years and less than 10 (4) 10 years and less than 15 (5) 15 years or more
Q15: Number of years as a practicing accounting
Q16: Nationality:
(1) Kuwaiti (2) Non-Kuwaiti
Q17: What is the title of your post
Q18: If you would like to receive a summary of the survey results, please provide the following information: (a) your name (b) company name (c) address
335
The Second Questionnaire Section 1: Familiarity and Knowledge Regarding IAS
Ql:
Please use the following scale to rate your knowledge of IAS. (1) none
(4) very much
(3) moderate
(2) a little (5) a great deal
Q2: How did you acquire your knowledge about IAS? (You can choose more than one answer) (1) from other auditors and accountants (2) by attending training courses (3) by direct practicing (4) by reading publications regarding IAS (5) other sources (please list
Q3:
)
If you selected item (2) 'attending training courses', please (i) mention the number of training courses that you have attended
,
(ii) mention the approximate date of: (1) the first training course you attended (2) the latest training course you attended
(iii)
Does your office (firm) currently stipulate that all new recruits, as auditors, should have IAS training? (1) yes
(iv)
(2) no
If yes, (a) who provides training courses for such a purpose? (1) the office (firm)
El
(2) external providers (please state)
El
(b) please state, on average, how many of these training courses your auditing staff are expected to attend per year.
(V)
If no, please use the scape below to describe why.
If you selected item (4) 'reading publications regarding IAS', please use the following scale to rate the frequency of using this source to update your knowledge. (1) rarely
(2) often
(4) very often
(5) to a great deal
(3) reasonable
338
Section 2 : Implementation of IAS and Consequent Difficulties
Q5: Have you audited the accounts of companies that used IAS's in the preparation of annual reports before you joined your present office (firm)? (1) yes
(2) no
Q5A: If yes, please (i)
give the number of years that you have been auditing the accounts of companies that used IAS's in the preparation of annual reports
(ii)
use the following scale to describe the level of your experience regarding auditing companies who have applied IAS in preparing their accounts: (1) very limited
(2) limited
(4) good
(5) very good
339
(3) moderate
(iii)
Tick the standards that companies you audited have used in preparation of annual reports using IAS.
TICK IAS 1 (revised)
Presentation of Financial Statements (effective 1 July 1998)
IAS 2
Inventories
1AS 4
Depreciation Accounting
IAS 5
Information to be Disclosure in Financial Statements (to be superseded 1 July 1998)
IAS 7
Cash Flow Statements
IAS 8
Net Profit or Loss for the Period, Fundamental Errors & Changing in Accounting Policies
IAS 9
Research and Development Cost
LAS 10
Contingencies and Events Occuring After the Balance Sheet Date
IAS 11
Construction Contracts
IAS 12
Income Taxes (effective 1 January 1998)
1AS 13 (revised)
Presentation of Current Assets and Current Liabilities (effective 1 July 1998)
IAS 14 (revised)
Segment Reporting (effective 1 July 1998)
IAS 15
Information Reflecting the Effects of Changing Prices
IAS 16
Proporting, Plant & Equipment
IAS 17 (revised)
Accounting for Leases (effective 1 January 1999)
LAS 18
Revenue
IAS 19
Retirement Benefit Costs
LAS 20
Accounting for Govemment Grants and Disclosure of Govemment Assistance
IAS 21
The Effects of Changes in Foreign Exchange Rates
IAS 22
Business Combinations
IAS 23
Borrowing Costs
IAS 24
Related Disclosures
IAS 25
Accounting for Investments
IAS 26
Accounting Reporting by Retirement Benefit Plans
IAS 27
Consolidated Financial Statements and Accounting for Investment in Subsidiaries
IAS 28
Accounting for Investments in Associates
LAS 29
Financial Reporting in Hyperinflationary Economics
IAS 30
Disclosure in the Financial Statements of Banks and Similar Financial Institutions
1AS 31
Financial Reporting of Interests in Joint Ventures
IAS 32
Financial Instruments : Disclosure and Presentation
IAS 33
Eamings Per Share (effective 1 January 1998)
340
Q6:
Please use the scale below to rate your perception of companies' success at using IAS when you first started auditing companies who prepared their accounts using these standards. (1) very low (2) low (4) high
Q7:
(3) neutral
(5) very high
Please use the scale below to rate your perception of companies' success at using IAS today.
Q8:
(1) very low
(2) low
(4) high
(5) very high
(3) neutral
From your point of view, do companies currently have difficulties in applying IAS regarding?
(a) measurement = (measuring of financial statement's items) (1) yes
(2) no
(b) disclosure = (disclosing financial statement's items) (2) no
(1) yes
341
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Section 3 : Company Advantages of Applying and Using IAS
Q9: Do you believe that your office (firm) has benefitted from auditing the accounts of companies who have implemented IAS? (1) yes
(2) no
Q9A: If yes, please use the following scale to rate the benefits which you believe your office (firm) has achieved from auditing the accounts of companies who have implemented IAS? Very Low
Low
(a) Effectiveness of accounting system of the client (b) Implementation and evaluating the accounting system (c) Flexibility of the client's accounting system (d) Understanding and communicating using IAS (e) Improving auditing time (f) Accurate cost and assets value data (g) Accurate profit measurement (h) other (please state)
Q9B: If no, please use the space below to describe why.
343
Reasonable
High
Very High
Q10:
Please use the following scale to rate the change in the quality of accounting data supplied to external users e.g. investors, lenders
following the implementation of IAS. In
addition, would you please rank the following factors according to their relative importance, the most important rank 1, the next important rank 2,
etc.
(1)
(2)
(3)
(4)
(5)
Not at
A
Reasonable
To a good
To a
all
little
degree
great deal
(i)
Relevance of accounting data
(ii)
Reliability of accounting data
(iii) Format of annual report (iv) Timeliness of accounting data (v)
Timeliness of annual reports
(vi) Truthfulness & fairness of accounting data (viii) Comparability - across the sectors M Kuwait - with similar companies outside Kuwait
_
344
RANK
Q11: As an auditor, do you believe that IAS is good for the Kuwaiti business environment? (1) not at all
(2) a little
(3) reasonable
(4) to a good degree (5) to a great deal
Section 4: Demographic Variables
Q12: Age group:
(1) less than 25 (2) 25 and less than 35 (3) 35 and less than 45 (4) 45 and less than 50 (5) 50 or more
Q13: Education:
(1) Higher Diploma in accounting or equivalent (2) B.Con, in accounting or equivalent or (3) Qualified Accountant (e.g. Chartered Account) (4) MSc in accounting of equivalent (5) Ph.D. in accounting of equivalent
345
"The Third Questionnaire"
Section 1: External Users Advantages of Using Accounting Information Produced Using IAS:
Ql: Do you think that the information resulting from applying IAS has helped your analysis of companies' accounts? (1)
Yes
(2)
No
Q1A: If yes, please use the following scale to rate the benefits which you believe your firm/client have achieved by usig accounting information resulting from applying IAS:
348
Degree of Benefits Very Little (a) effectiveness of assets measurement (b) effectiveness of costs measurement (c) effectiveness of profits measurement (d) effectiveness of borrowings measurement (e) effectiveness of format presentations (0 effectiveness of disclosure (g) improvement of quantity of accounting information (h) better performance evaluation (i) effectiveness of comparisons between companies (j) better foreign trades and business opportunities (k) less time compared with the time spent using accounting information produced under the old system (1) equal opportunity to all external users (m) flexibility of the system (n) the availability in your firm of of qualified and trained staff in applying IAS (o) ease of communication with accountants about IAS (p) other (please state )
Little Reasonable
Good
Very Good
Q1B: If no, please use the space below to describe why.
Q2:
To what extent does your firm/client rely on accounting information resulting from the application of IAS?
(a) very little
(d) to an extent
Q3:
(b) little
(c) reasonable
(d) to a great extent
Do you think that your firm/client will use or continue to use the accounting information resulting from applying IAS without any difficulties?
(a) Yes
(b) No
Q3A: If no, why not?
350
Q4: Please use the following scale to rate a number of phrases regarding the implications of applying IAS on the decision making process associated with trading on the stock exchange.
Very Little
Little Reasonable
A good deal
A very good deal
1. Better guide and enhance of the process of decision making with respect to accounting information 2. Improves the process disclosure of accounting information 3. Facililating of transactions with international stock exchange
Q5:
In your opinion,'an external user': what is the impact of applying the IAS on the financial sectors and investors in Kuwait ?
No impact Little Reasonable High Very high impact impact impact impact Brokers: (a) value of transactions (b) number of transactions 2. Financial Analysts: (a) Independent : decision making (b) Internal working in companies : decision making 3. Investment Companies : decision making 1 .
Section 2: Consequent Difficulties of Applying IAS:
Q6: Please use the following scale to rate your views of the degree of difficulty associated with your use of accounting information produced by companies using IAS. Degree of Difficulties Very Severe
Severe Moderate Limited
No difficulties
problems related to assets measurement problems related to costs measurement problems related to profits measurement problems related to borrowings measurement problems related to reports format problems related to disclosure problems related to quantity of accounting information (h) problems related to performance evaluation (i) problems related to comparisons across companies (j) problems related to foreign trades and business opportunties (k) problems related to time used in carrying out the analysis (I) problems related to the provision of equal opportunity to all external users (m) problems related to the flexibility of the system (n) problems related to the availabilities in your firm of qualified and trained staff in applying IAS (o) problems related to communicating with accountants about IAS (p) conflicts between IAS and stock market regulations (q) other (please state) (a) (b) (c) (d) (e) (f) (g)
'
352
Q6A: If your rating to any of the previous statements reflect difficulties with your use of IAS, do you think that IAS needs amendment to help, alleviate these problems?
(2) No
(1) Yes
Q6B: If the answer to Q6A is yes, please use the space below to explain how these amendments/changes can overcome the difficulties you identified. (1) (2) (3)
Section 3: Demographic Variables:
Q7:
Name of the Company
Q8:
Age group:
Q9:
(1)
less than 25
(2)
25 and less than 35
(3)
35 and less than 45
(4)
45 and less than 55
(5)
55 or more
Years of experience in business
353
Q10: Your job title: (please write) (a)
Brokers
(b)
Financial Analysts
(c)
Investment Company
The First Questionnaire Section 1: Familiarity and Knowledge Regarding IAS
Ql:
Please use the following scale to rate your knowledge of IAS. (1) none
(2) a little
(4) very much
(3) moderate
(5) a great deal
Q2: How did you acquire your knowledge about IAS? (You can choose more than one answer)
(1) from other accountants (2) by attending training courses (3) by direct practicing (4) by reading publications regarding IAS
(5) other sources (please list
Q3:
)
If you selected item (2) 'attending training courses', please (i)
mention the number of training courses that you have attended
El
(ii) mention the approximate date of: (1) the first training course you attended
LI
(2) the latest training course you attended
D
356
(iii)
Does your company currently stipulate that all new recruits, as accountants, should have IAS training? (2) no (please move to question V))
(1) yes
(iv)
If yes, (a) who provides training courses for such a purpose? (1) the company
LI
(2) external providers (Please state
.)
(b) Please state, on average, how many of these training courses your accounting staff are expected to attend per year.
(v)
Q4:
If no, please use the space below to describe why.
If you selected item (4) 'reading publications regarding 'AS', please use the following scale to rate the frequency of using this source to update your knowledge.
(1) rarely
(2) often
(3) reasonable (5) to a great deal
(4) very often
357
Section 2 : Implementation of IAS and Consequent Difficulties
Q5:
Have you applied IAS's in the preparation of annual accounts before you joined your present company? (2) no (please move to question (6))
(1) yes
Q5A: If yes, please (i)
give the number of years that you have been applying IAS's in the preparation of annual accounts
(ii)
El
use the following scale to describe the level of your experience regarding IAS: (1) very limited
(2) limited
(4) good
(5) very good
358
(3) moderate
(iii)
Tick the standards you have used - or are familiar with - in preparation of annual accounts using IAS.
TICK IAS 1 (revised)
Presentation of Financial Statements (effective 1 July 1998)
IAS 2
Inventories
IAS 4
Depreciation Accounting
IAS 5
Information to be Disclosure in Financial Statements (to be superseded 1 July 1998)
IAS 7
Cash Flow Statements
IAS 8
Net Profit or Loss for the Period, Fundamental Errors & Changing in Accounting Policies
.
IAS 9
Research and Development Cost
IAS 10
Contingencies and Events Occuring After the Balance Sheet Date
IAS 11
Construction Contracts
IAS 12
Income Taxes (effective 1 January 1998)
IAS 13 (revised)
Presentation of Current Assets and Current Liabilities (effective 1 July 1998)
IAS 14 (revised)
Segment Reporting (effective 1 July 1998)
IAS 15
Information Reflecting the Effects of Changing Prices
IAS 16
Proporting, Plant & Equipment
IAS 17 (revised)
Accounting for Leases (effective 1 January 1999)
IAS 18
Revenue
IAS 19
Retirement Benefit Costs
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
IAS 21
The Effects of Changes in Foreign Exchange Rates
IAS 22
Business Combinations
IAS 23
Borrowing Costs
IAS 24
Related Disclosures
IAS 25
Accounting for Investments
IAS 26
Accounting Reporting by Retirement Benefit Plans
IAS 27
Consolidated Financial Statements and Accounting for Investment in Subsidiaries
IAS 28
Accounting for Investments in Associates
IAS 29
Financial Reporting in Hyperinflationary Economics
IAS 30
Disclosure in the Financial Statements of Banks and Similar Financial Institutions
LAS 31
Financial Reporting of Interests in Joint Ventures
IAS 32
Financial Instruments : Disclosure and Presentation
IAS 33
Earnings Per Share (effective 1 January 1998)
359
Q6:
What was your perception of the IAS when you first started using them? (1) very low (3) neutral (2) low (4) high
Q7:
(5) very high
What is your perception of the IAS today when using them? (1) very low
(4) high
Q8:
(2) low
(3) neutral
(5) very high
Do you currently have difficulties in applying IAS regarding? (a) measurement = (measuring of financial statement items) (1) yes
(2) no (please move to question (8B))
(b) disclosure = (disclosuring of financial statement items) (1) yes
(2) no (please move to question (8B))
360
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Section 3 : Company Advantages of Applying and Using IAS
Q9: Do you believe that your company has benefitted from applying IAS? (1) yes
(2) no (please move to question (9B))
Q9A: If yes, please use the following scale to rate the benefits which you believe your company has achieved by applying IAS. Very
Very Low
Low (a) Effectiveness of accounting system (b) Ease of implementation (c) Flexibility of the system (d) Understanding and communicating IAS (e) Better foreign trade and business opportunities (f) Less time compared with old system (g) More accurate cost and assets value data (h) More accurate profit measurement (i)
other (please state)
Q9B: If no, please use the space below to describe why.
362
Reasonable
High High
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Q11: Do you believe that IAS are good for the Kuwaiti business environment? (1) not at all
(2) a little
(3) reasonable
(4) to a good degree (5) to a great deal
Section 4: Demographic Variables
Q12: Age group:
(1) less than 25
(2)25 and less than 35 (3)35 and less than 45 (4)45 and less than 50 (5) 50 or more
Q13: Education:
(1) Higher Diploma in Accounting or equivalent. (2) B.S. in Accounting or equivalent. (3) Qualified Accountant (e.g. Chartered Account). (4) M.S. in Accounting or equivalent. (5) Ph.D. in Accounting or equivalent.
Q14: Years of experience as an accountant: (1) less than 1 year (2) 1 year and less than 5 (3) 5 years and less than 10 (4) 10 years and less than 15 (5) 15 years or more
Q15: Number of years as a practicing accounting
Q16: Nationality:
(1) Kuwaiti (2) Non-Kuwaiti
Q17: What is the title of your post
Q18: If you would like to receive a summary of the survey results, please provide the following information: • (a) your name (b) company name (c) address
365
The Second Questionnaire Section 1: Familiarity and Knowledge Regarding IAS
Ql:
Please use the following scale to rate your knowledge of TAS. (1) none
(4) very much
(2) a little
(3) moderate
(5) a great deal
Q2: How did you acquire your knowledge about IAS? (You can choose more than one answer) (1) from other auditors and accountants (2) by attending training courses (3) by direct practicing (4) by reading publications regarding IAS (5) other sources (please list
Q3:
)
If you selected item (2) 'attending training courses', please (i) mention the number of training courses that you have attended
n
(ii) mention the approximate date of: (1) the first training course you attended E (2) the latest training course you attended 1-1
367
(iii)
Does your office (firm) currently stipulate that all new recruits, as auditors, should have IAS training? ( 1 ) Yes
(iv)
(2) no (please move to question (v))
If yes, (a) who provides training courses for such a purpose? (1) the office (firm)
(2) external providers (please state
Ei El ..)
(b) please state, on average, how many of these training courses your auditing staff are expected to attend per year.
(V)
Q4:
If no, please use the scape below to describe why.
If you selected item (4) 'reading publications regarding IAS', please use the following scale to rate the frequency of using this source to update your knowledge. (1) rarely
(2) often
(4) very often
(5) to a great deal
368
(3) reasonable
Section 2 : Implementation of IAS and Consequent Difficulties
Q5: Have you audited the accounts of companies that used IAS's in the preparation of annual reports before you joined your present office (firm)? (1) yes
(2) no (please move to question (6) )
Q5A: If yes, please (i)
give the number of years that you have been auditing the accounts of companies that used IAS' s in the preparation of annual reports
(ii)
use the following scale to describe the level of your experience regarding auditing companies who have applied IAS in preparing their accounts: (1) very limited
(2) limited
(4) good
(5) very good
369
(3) moderate
(iii)
Tick the standards that companies you audited have used in preparation of annual reports using IAS.
TICK IAS 1 (revised)
Presentation of Financial Statements (effective 1 July 1998)
IAS 2
Inventories
IAS 4
Depreciation Accounting
IAS 5
Information to be Disclosure in Financial Statements (to be superseded 1 July 1998)
IAS 7
Cash Flow Statements
IAS 8
Net Profit or Loss for the Period, Fundamental Errors & Changing in Accounting Policies
IAS 9
Research and Development Cost
IAS 10
Contingencies and Events Occuring After the Balance Sheet Date
IAS 11
Construction Contracts
IAS 12
Income Taxes (effective 1 January 1998)
IAS 13 (revised)
Presentation of Current Assets and Current Liabilities (effective 1 July 1998)
IAS 14 (revised)
Segment Reporting (effective 1 July 1998)
/AS 15
Information Reflecting the Effects of Changing Prices
IAS 16
Proporting, Plant & Equipment
IAS 17 (revised)
Accounting for Leases (effective 1 January 1999)
IAS 18
Revenue
IAS 19
Retirement Benefit Costs
IAS 20
Accounting for Government Grants and Disclosure of Government Assistance
IAS 21
The Effects of Changes in Foreign Exchange Rates
IAS 22
Business Combinations
IAS 23
Borrowing Costs
IAS 24
Related Disclosures
IAS 25
Accounting for Investments
IAS 26
Accounting Reporting by Retirement Benefit Plans
IAS 27
Consolidated Financial Statements and Accounting for Investment in Subsidiaries
IAS 28
Accounting for Investments in Associates
IAS 29
- Financial Reporting in Hyperinflationary Economics
IAS 30
Disclosure in the Financial Statements of Banks and Similar Financial Institutions
IAS 31
Financial Reporting of Interests in Joint Ventures
IAS 32
Financial Instruments : Disclosure and Presentation
IAS 33
Earnings Per Share (effective 1 January 1998)
370
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Section 3 : Company Advantages of Applying and Using IAS
Q9: Do you believe that your office (firm) has benefitted from auditing the accounts of companies who have implemented IAS? (1) yes
(2) no (please move to question (9B) )
Q9A: If yes, please use the following scale to rate the benefits which you believe your office (firm) has achieved from auditing the accounts of companies who have implemented IAS? Very Low
Low
(a) Effectiveness of accounting system of the client (b) Implementation and evaluating the accounting system (c) Flexibility of the client's accounting system (d) Understanding and communicating using IAS (e) Improving auditing time (f) Accurate cost and assets value data (g) Accurate profit measurement (h) other (please state)
Q9B: If no, please use the space below to describe why.
373
Reasonable
High
Very High
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Q11: As an auditor, do you believe that IAS is good for the Kuwaiti business environment? (1) not at all
(2) a little
(3) reasonable
(4) to a good degree (5) to a great deal
Section 4: Demographic Variables
Q12: Age group:
(1) less than 25 (2) 25 and less than 35 (3) 35 and less than 45 (4) 45 and less than 50 (5) 50 or more
Q13: Education:
(1) Higher Diploma in Accounting or equivalent. (2) B.S. in accounting or equivalent. (3) Qualified Auditor (e.g. CPA, CIA). (4) M.S. in Accounting or equivalent. (5) Ph.D. in Accounting or equivalent.
375
Q14: Years of experience as an auditor: (1) less than 1 year (2) 1 year and less than 5 (3) 5 years and less than 10 (4) 10 years and less than 15 (5) 15 years or more
Q15: Number of years as a practicing accounting and auditing
Q16: Nationality:
(1) Kuwaiti (2) Non-Kuwaiti
Q17: What is the title of your post
Q18: If you would like to receive a summary of the survey results, please provide the following information: (a) your name (b) office (firm) name (c) address
376
The Third Questionnaire
Section 1 : External Users Advantages of Using Accounting Information Produced Using IAS:
Ql: Do you think that the information resulting from applying IAS has helped your analysis of companies' accounts? (1)
yes
(2)
no (move to Q1B)
Q1A: If yes, please use the following scale to rate the benefits which you believe your firm/client have achieved by using accounting information resulting from applying IAS:
378
Degree of Benefits Benefits of IAS
Very Little
(a) effectiveness of assets measurement (b) effectiveness of costs measurement (c) effectiveness of profits measurement (d) effectiveness of borrowings measurement (e) effectiveness of format presentations (f) effectiveness of disclosure (g) improvement of quantity of accounting information (h) better performance evaluation (i) effectiveness of comparisons between companies (j) better foreign trades and business opportunities (k) less time compared with the time spent using accounting information produced under the old system (1) equal opportunity to all external users (m) flexibility of the system (n) the availability in your firm of qualified and trained staff in applying IAS (o) ease of communication with accountants about IAS (p) other (please state )
Little Reasonable
Good
Very Good
Q1B: If no, please use the space below to describe why.
Q2: To what extent does your firm/client rely on accounting information resulting from the application of IAS?
(a) very little
(d) to an extent
(b) little
(c) reasonable
(d) to a great extent
Q3: Do you think that your film/client will use or continue to use the accounting information resulting from applying IAS without any difficulties?
(a) yes (move to Q4)
(b) no
Q3A: If no, why not?
380
Q4: Please use the following scale to rate a number of phrases regarding the implications of applying IAS on the decision making process associated with trading on the stock exchange.
Very Little
Little Reasonable
A good deal
A very good deal
i. Better guidance and enhancement of the process of decision making with respect to the use of accounting information 2. Improving the process disclosure of accounting information 3. Facilitating of transactions with international stock exchanges
Q5:
As an external user : please describe the impact of applying the IAS in decision making on the financial sectors and investors in Kuwait ?
No impact Little Reasonable High Very high impact impact impact impact i. Brokers: (a) value of transactions (b) number of transactions 2. Financial Analysts: (a) Independent : decision making (b) Internal working in companies : decision making 3. Investment Companies : decision making
Section 2: Consequent Difficulties of Applying IAS:
Q6: Please use the following scale to rate your views of the degree of difficulty associated with your use of accounting information produced by companies using IAS. Degree of Difficulties Difficulties of IAS (a) (b) (c) (d) (e) (f) (g)
problems related to assets measurement problems related to costs measurement problems related to profits measurement problems related to borrowings measurement problems related to reports format problems related to disclosure problems related to quantity of accounting information (h) problems related to performance evaluation (i) problems related to comparisons across companies (j) problems related to foreign trades and business opportunities (k) problems related to time used in carrying out the analysis (I) problems related to the provision of equal opportunity to all external users (m) problems related to the flexibility of the system (n) problems related to the availabilities in your firm of qualified and trained staff in applying IAS (o) problems related to communicating with accountants about IAS (p) conflicts between IAS and stock market regulations (q) other (please state)
Very Severe
Severe Moderate Limited
No difficulties
Q6A: If your rating to any of the previous statements reflect difficulties with your use of IAS, do you think that IAS needs amendment to help, alleviate these problems?
(2) no (move to Section 3)
(1) yes
Q6B: If the answer to Q6A is yes, please use the space below : (1) describe these amendments/changes and (2) identify how these amendments can overcome the difficulties you identified. (1) (2) (3)
Section 3: Demographic Variables:
Q7:
Name of the Company
Q8:
Age group:
(1)
less than 25
(2)
25 and less than 35
(3)
35 and less than 45
(4)
45 and less than 55
(5)
55 or more
383
Q9:
Years of experience in business
Q 1 0: Your job title: (please write) (a)
Brokers
(b)
Financial Analysts
(c)
Investment Company
APPENDIX J : International Accounting Standards (November 2001)
IAS 1: Presentation of Financial Statements IAS 2: Inventories IAS 3: No longer effective. Replaced by 1AS 27 and IAS 28. IAS 4: No longer effective. Replaced by IAS 16 and IAS 38. IAS 5: No longer effective. Replaced by IAS 1. IAS 6: No longer effective. Replaced by IAS 15. IAS 7: Cash Flow Statements IAS 8: Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies IAS 9: No longer effective. Replaced by IAS 38. IAS 10: Events After the Balance Sheet Date IAS 11: Construction Contracts IAS 12: Income Taxes IAS 13: No longer effective. Replaced by IAS 1. IAS 14: Segment Reporting IAS 15: Information Reflecting the Effects of Changing Prices IAS 16: Property, Plant and Equipment IAS 17: Leases TAS 18: Revenue IAS 19: Employee Benefits IAS 20: Accounting for Government Grants and Disclosure of Government Assistance IAS 21: The Effects of Changes in Foreign Exchange Rates IAS 22: Business Combinations IAS 23: Borrowing Costs IAS 24: Related Party Disclosures IAS 25: No longer effective. Replaced by IAS 39 and IAS 40 effective 1 January 2001. IAS 26: Accounting and Reporting by Retirement Benefit Plans LAS 27: Consolidated Financial Statements and Accounting for Investments in Subsidiaries IAS 28: Accounting for Investments in Associates IAS 29: Financial Reporting in Hyperinflationary Economies IAS 30: Disclosures in the Financial Statements of Banks and Similar Financial Institutions IAS 31: Financial Reporting of Interests in Joint Ventures IAS 32: Financial Instruments : Disclosures and Presentation IAS 33: Earnings Per Share IAS 34: Interim Financial Reporting LAS 35: Discontinuing Operations IAS 36: Impairment of Assets IAS 37: Provisions, Contingent Liabilities and Contingent Assets IAS 38: Intangible Assets
385
IAS 39: Financial Instruments : Recognition and Measurement IAS 40: Investment Property IAS 41: Agriculture
386