Skip to main content
SpringerLink
Log in

The Timeliness of Financial Reporting and the Russian Banking System: An Empirical Study

  • Chapter
Accounting Reform in Transition and Developing Economies

Transparency is one of those terms that have many facets. It is used in different ways. It can refer to the openness of governmental functions. It can refer to a country's economy. Or it can refer to various aspects of corporate governance and financial reporting. The OECD (1998) lists transparency as one element of good corporate governance. Kulzick (2004) and others (Blanchet, 2002; Prickett, 2002) view transparency from a user's perspective. According to their view, transparency includes the following eight concepts: accuracy, consistency, appropriateness, completeness, clarity, timeliness, convenience, and governance and enforcement. This paper focuses on just one aspect of transparency — timeliness.

The International Accounting Standards Board considers timeliness to be an essential aspect of financial reporting. In APB Statement No. 4, the Accounting Principles Board (1970) in the USA listed timeliness as one of the qualitative objectives of financial reporting disclosure. APB Statement No. 4 was later superseded but the Financial Accounting Standards Board continued to recognize the importance of timeliness in its Concepts Statement No. 2 (1980). The US Securities and Exchange Commission also recognizes the importance of timeliness and requires that listed companies file their annual 10-K reports by a certain deadline.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 129.00
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 169.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Accounting Principles Board. 1970. Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises — Statement No. 4. New York: American Institute of Certified Public Accountants

    Google Scholar 

  • Annaert, Jan, Marc J.K. DeCeuster, Ruud Polfliet&Geert Van Campenhout. 2002. To Be or Not Be …‘Too Late’ The Case of the Belgian Semi-annual Earnings Announcements. Journal of Business Finance&Accounting 29(3&4): 477–495

    Google Scholar 

  • Ashbaugh, Hollis, Karla M. Johnstone&Terry D. Warfield. 1999. Corporate Reporting on the Internet.Accounting Horizons 13(3): 241–257

    Article  Google Scholar 

  • Ashton, Robert H., Paul R. Graul&James D. Newton. 1989. Audit Delay and the Timeliness of Corporate Reporting. Contemporary Accounting Research 5(2): 657–673

    Article  Google Scholar 

  • Atiase, Rowland K., Linda S. Bamber&Senyo Tse. 1989. Timeliness of Financial Reporting, the Firm Size Effect, and Stock Price Reactions to Annual Earnings Announcements. Contemporary Accounting Research 5(2): 526–552

    Google Scholar 

  • Ball, R., Kothari S.P.&Robin A. 2000. The Effect of International Institutional Factors on Properties of Accounting Earnings. Journal of Accounting and Economics 29(1): 1–51

    Article  Google Scholar 

  • Ball, R.&Brown P. 1968. An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research 6: 159–178

    Article  Google Scholar 

  • Basu, Sudipta. 1997. The Conservatism Principle and the Asymmetric Timeliness of Earnings.Journal of Accounting&Economics 24: 3–37

    Google Scholar 

  • Bates, R.J. 1968. Discussion of the Information Content of Annual Earnings Announcements.Journal of Accounting Research 6(Suppl): 93–95

    Article  Google Scholar 

  • Beaver, W.H. 1968. The Information Content of Annual Earnings Announcements. Journal of Accounting Research 6(Suppl): 67–92

    Article  Google Scholar 

  • Blanchet, Jeannot. 2002. Global Standards Offer Opportunity. Financial Executive (March/April):28–30

    Google Scholar 

  • Brown, Philip&John W. Kennelly. 1972. The Information Content of Quarterly Earnings: An Extension and Some Further Evidence. Journal of Business 45: 403–415

    Article  Google Scholar 

  • Chai, Mary L.&Samuel Tung. 2002. The Effect of Earnings-Announcement Timing on Earnings Management. Journal of Business Finance&Accounting 29(9&10): 1337–1354

    Google Scholar 

  • Chambers, Anne E.&Stephen H. Penman. 1984. Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements. Journal of Accounting Research 22(1): 21–47

    Article  Google Scholar 

  • Davies, B.&G.P. Whittred. 1980. The Association between Selected Corporate Attributes and Timeliness in Corporate Reporting: Further Analysis. Abacus 16(1): 48–60

    Article  Google Scholar 

  • DeCeuster, M.&D. Trappers. 1993. Determinants of the Timeliness of Belgian Financial Statements. Working Paper, University of Antwerp, cited in Annaert et al., 2002

    Google Scholar 

  • Demos, Telis. 2006. The Russia 50: The Country's Largest Public Companies. Fortune 153(2):70–71 [February 6]

    Google Scholar 

  • Dwyer, Peggy D.&Earl R. Wilson. 1989. An Empirical Investigation of Factors Affecting the Timeliness of Reporting by Municipalities. Journal of Accounting and Public Policy 8(1): 29–55

    Article  Google Scholar 

  • Financial Accounting Standards Board. 1980. Statement of Financial Accounting Concepts No. 2,Qualitative Characteristics of Accounting Information. Stamford, CT: Financial Accounting Standards Board

    Google Scholar 

  • Gigler, Frank B.&Thomas Hemmer. 2001. Conservatism, Optimal Disclosure Policy, and the Timeliness of Financial Reports. The Accounting Review 76(4): 471–493

    Article  Google Scholar 

  • Givoli, Dan&Dan Palmon. 1982. Timeliness of Annual Earnings Announcements: Some Empirical Evidence. The Accounting Review 57(3): 486–508

    Google Scholar 

  • Han, Jerry C.Y.&Shiing-wu Wang. 1998. Political Costs and Earnings Management of Oil Companies during the 1990 Persian Gulf Crises. The Accounting Review 73: 103–117

    Google Scholar 

  • Han, Jerry C.Y.&John J. Wild. 1997. Timeliness of Reporting and Earnings Information Transfers. Journal of Business Finance&Accounting 24(3&4): 527–540

    Google Scholar 

  • Haw, In-Mu, Daquig Qi&Woody Wu. 2000. Timeliness of Annual Report Releases and Market Reaction to Earnings Announcements in an Emerging Capital Market: The Case of China.Journal of International Financial Management and Accounting 11(2): 108–131

    Article  Google Scholar 

  • Hendriksen, Eldon S. and Michael F. van Breda. 1992. Accounting Theory, fifth edition, Burr Ridge, IL: Irwin

    Google Scholar 

  • Hoover's Most Viewed Company Directory by Country www.hoovers.com/free/mvc/country.xhtml

    Google Scholar 

  • Jindrichovska, Irina and Stuart Mcleay. 2005. Accounting for Good News and Accounting for Bad News: Some Empirical Evidence from the Czech Republic. European Accounting Review 14(3): 635–655

    Article  Google Scholar 

  • Keller, Stuart B. 1986. Reporting Timeliness in the Presence of Subject to Audit Qualifications.Journal of Business Finance&Accounting 13(1): 117–124

    Article  Google Scholar 

  • Kenley, W. John&George J. Staubus. 1974. Objectives and Concepts of Financial Statements.Accounting Review 49(4): 888–889

    Google Scholar 

  • Krishnan, Gopal V. 2005. The Association between Big 6 Auditor Industry Expertise and the Asymmetric Timeliness of Earnings. Journal of Accounting, Auditing&Finance 20(3):209–228

    Google Scholar 

  • Kross, W.&D.A. Schroeder. 1984. An Empirical Investigation of the Effect of Quarterly Earnings Announcement Timing on Stock Returns. Journal of Accounting Research 22(1): 153–176

    Article  Google Scholar 

  • Kulzick, Raymond S. 2004. Sarbanes-Oxley: Effects on Financial Transparency. S.A.M. Advanced Management Journal 69(1): 43–49

    Google Scholar 

  • Lawrence, Janice E. & Hubert D. Glover 1998. The Effect of Audit Firm Mergers on Audit Delay.Journal of Managerial Issues 10(2): 151–164

    Google Scholar 

  • Leventis, Stergios & Pauline Weetman. 2004. Timeliness of Financial Reporting: Applicability of Disclosure Theories in an Emerging Capital Market. Accounting and Business Research 34(1):43–56

    Google Scholar 

  • McGee, Robert W. (2006). Timeliness of Financial Reporting in the Energy Sector. Russian/CIS Energy & Mining Law Journal 4(2): 6–10

    Google Scholar 

  • McGee, Robert W. (2007a). Corporate Governance in Russia: A Case Study of Timeliness of Financial Reporting in the Telecom Industry, International Finance Review 7: 365–390

    Article  Google Scholar 

  • McGee, Robert W. (2007b). Corporate Governance and the Timeliness of Financial Reporting:A Case Study of the Russian Energy Sector. Fifth International Conference on Accounting and Finance in Transition, London, July 12–14, 2007

    Google Scholar 

  • McGee, Robert W. (2007c). Transparency and Disclosure in Russia, in Tomasz Marek Mickiewicz (ed.), Corporate Governance and Finance in Poland and Russia 278–295, London: Palgrave Macmillan

    Google Scholar 

  • McGee, Robert W. and Danielle N. Igoe (2008). Corporate Governance and the Timeliness of Financial Reporting: A Comparative Study of Selected EU and Transition Countries. Proceedings of the 43rd Annual Western Regional Meeting of the American Accounting Association, San Francisco, May 1–3, 2008, pp. 74–87

    Google Scholar 

  • McGee, Robert W. and Galina G. Preobragenskaya (2005). Accounting and Financial System Reform in a Transition Economy: A Case Study of Russia. New York: Springer

    Google Scholar 

  • McGee, Robert W. and Galina G. Preobragenskaya (2006). Accounting and Financial System Reform in Eastern Europe and Asia. New York: Springer

    Google Scholar 

  • McGee, Robert W. and Xiaoli Yuan (2008). Corporate Governance and the Timeliness of Financial Reporting: An Empirical Study of the People's Republic of China. International Journal of Business, Accounting and Finance (forthcoming)

    Google Scholar 

  • Organisation for Economic Cooperation and Development. 1998. Global Corporate Governance Principles. Paris: OECD

    Google Scholar 

  • Pope, Peter F. & Martin Walker. 1999. International Differences in the Timeliness, Conservatism,and Classification of Earnings. Journal of Accounting Research 37 (Suppl): 53–87

    Article  Google Scholar 

  • Prickett, Ruth. 2002. Sweet Clarity. Financial Management (September): 18–20

    Google Scholar 

  • Rees, William P. & Begona Giner. 2001. On the Asymmetric Recognition of Good and Bad News in France, Germany and the UK. Journal of Business Finance & Accounting 28 (9–10):1285–1332

    Google Scholar 

  • Soltani, Bahram. 2002. Timeliness of Corporate and Audit Reports: Some Empirical Evidence in the French Context. The International Journal of Accounting 37: 215–246

    Article  Google Scholar 

  • Trueman, Brett. 1990. Theories of Earnings-Announcement Timing. Journal of Accounting & Economics 13: 285–301

    Article  Google Scholar 

  • Whittred, G.P. 1980. Audit Qualification and the Timeliness of Corporate Annual Reports. The Accounting Review 55(4): 563–577

    Google Scholar 

  • Whittred, Greg & Ian Zimmer. 1984. Timeliness of Financial Reporting and Financial Distress.The Accounting Review 59(2): 287–295

    Google Scholar 

Download references

Authors
  1. Robert W. McGee
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Thomas Tarangelo
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. School of Accounting College of Business Administration ACII 124, Florida International University Biscayne Bay Campus, 3000 NE 151st Street, North Miami, 33181, FL, USA

    Robert W. McGee

Rights and permissions

Reprints and permissions

Copyright information

© 2008 Springer Science + Business Media, LLC

About this chapter

Cite this chapter

McGee, R.W., Tarangelo, T. (2008). The Timeliness of Financial Reporting and the Russian Banking System: An Empirical Study. In: McGee, R.W. (eds) Accounting Reform in Transition and Developing Economies. Springer, Boston, MA. https://doi.org/10.1007/978-0-387-25708-2_34

Download citation

Publish with us

Policies and ethics

Search

Navigation