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DECISION USEFULNESS AND INFLATION ACCOUNTING: THE CASE OF TURKEY

Yıl 2023, Cilt: 25 Sayı: 4, 465 - 497, 31.12.2023
https://doi.org/10.31460/mbdd.1253007

Öz

The purpose of this study is to examine the issue of inflation accounting and decision useful-ness. As well as having political costs for a country, inflation has financial costs for compa-nies and their stakeholders. To test the necessity of inflation accounting adoption, Ohlson's (1995) pricing model is used and earnings volatility is measured across years. It was con-cluded that earnings are more volatile and don’t explain the changes in company market val-ue when inflation adjustments are required. Furthermore, it has been suggested that steward-ship theory can explain the reporting of inflation-adjusted values in conjunction with histori-cal cost values.

Kaynakça

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KARARA FAYDALILIK VE ENFLASYON MUHASEBESİ: TÜRKİYE ÖRNEĞİ

Yıl 2023, Cilt: 25 Sayı: 4, 465 - 497, 31.12.2023
https://doi.org/10.31460/mbdd.1253007

Öz

Bu çalışmanın temel amacı enflasyon muhasebesi ve karara faydalılık konusunu incelemektir. Enflasyonun ülkeye siyasi maliyeti olmasının yansıra, şirketlere ve paydaşlarına finansal maliyeti de bulunmaktadır. Enflasyon muhasebesinin uygulanması gerekliliğini kanıtlamak için Ohlson (1995) tarafından geliştirilen fiyat modeli kullanılmış ve kazançların yıllara göre oynaklığı ölçülmüştür. Sonuç olarak, enflasyon düzeltmesi gerektiği zamanlarda kazançların daha fazla oynaklık gösterdiği ve şirketin piyasa değerini açıklayamadığı görülmüştür. Ayrıca, enflasyon muhasebesi uygulaması sonucu oluşan değerlerin tarihi muhasebe değerleriyle birlikte sunumu temsil teorisi ile açıklanabileceği öne sürülmüştür.

Kaynakça

  • Adwan, S., Alhaj-Ismail, A., & Girardone, C. (2020). Fair value accounting and value relevance of equity book value and net income for European financial firms during the crisis. Journal of International Accounting, Auditing and Taxation, 39, 100320. https://doi.org/10.1016/j.intaccaudtax.2020.100320
  • Aggarwal, R., Inclan, C., & Leal, R. (1999). Volatility in emerging stock markets. Journal of Financial and Quantitative Analysis, 34(1), 33–55.
  • Aliyu, S. U. R. (2012). Does inflation have an impact on stock returns and volatility? Evidence from Nigeria and Ghana. Applied Financial Economics, 22(6), 427–435.
  • Altınışık, İ. (2019). Enflasyonun İşletmeler Üzerindeki Etkisi Ve Bu Etkileri Gidermeye Yönelik Yöntemler. İKSAD. Anandarajan, A., Hasan, I., Isik, I., & McCarthy, C. (2006). The Role of Earnings and Book Values in Pricing Stocks: Evidence from Turkey. Advances in International Accounting, 19(06), 59–89. https://doi.org/10.1016/S0897-3660(06)19003-0
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  • Jermakowicz, E. K., Prather‐Kinsey, J., & Wulf, I. (2007). The value relevance of accounting income reported by DAX‐30 German companies. Journal of International Financial Management & Accounting, 18(3), 151–191.
  • Kantar, M. A., Abar, H., & Önderş, T. (2021). Enflasyonuİşletmeleri̇nFi̇nansal OranlarinEtki̇si̇: Bistİmalat SektöründeBi̇r Uygulama. Muhasebe ve Finansman Dergisi, 856384(90), 1–18. https://doi.org/10.25095/mufad.856384
  • Kantur, Z., & Özcan, G. (2022). Dissecting Turkish inflation: theory, fact, and illusion. Economic Change and Restructuring, 55(3), 1543–1553. https://doi.org/10.1007/s10644-021-09357-1
  • Karapınar, A., & Eflatun, A. O. (2022). TMS-BOBİ FRS İlkelerine Göre Enflasyon Muhasebesi Gerçek Uygulama Örnekleriyle. Gazi Kitabevi.
  • Karasioğlu, F., & Erdemir, N. K. (2005). Enflasyon muhasebesi̇ uygulamalarinda temel i̇şlemler üzeri̇ne bi̇r çalışma. Selçuk Üniversitesi Karaman İktisadi ve İdari Bilimler Dergisi, 5(Aralık), 145–167.
  • Kargin, S. (2013). The Impact of IFRS on the Value Relevance of Accounting Information: Evidence from Turkish Firms. International Journal of Economics and Finance, 5(4), 71–80. https://doi.org/10.5539/ijef.v5n4p71
  • Kibritçioğlu, A. (2002). Inflation and Disinflation in Turkey. In A. Kibritçioğlu, L. Rittenberg, & S. Faruk (Eds.), Causes of Inflation in Turkey: A Literature Survey with Special Reference to Theories of Inflation (pp. 43–76).
  • Kieso, D., Jerry, W., & Terry, W. (2019). Intermediate Accounting (17th ed.). Wiley.
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  • Kılıç, R., & Dilber, C. (2017). Türkiye’deki enflasyon ve dolar kuru volatilitesinin bist-100 endeksi oynaklığı üzerindeki etkisi. Çankırı Karatekin Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(1), 164–174.
  • Konchitchki, Y. (2013a). Accounting and the macroeconomy: The case of aggregate price-level effects on individual stocks. Financial Analysts Journal, 69(6), 40–54. https://doi.org/10.2469/faj.v69.n6.3
  • Konchitchki, Y. (2013b). Inflation and Nominal Financial Reporting: Implications for Performance and Stock Prices. The Accounting Review, 86(3), 1159–1179.
  • Kramarova, K. (2021). The global problem of inflation and need for inflation adjusted-financial reporting. SHS Web of Conferences, 129, 09010. https://doi.org/10.1051/shsconf/202112909010
  • Laux, C. (2012). Financial instruments, financial reporting, and financial stability. Accounting and Business Research, 42(3), 239–260. https://doi.org/10.1080/00014788.2012.681857
  • Lee, C. M. C. (2014). Performance measurement: An investor’s perspective. Accounting and Business Research, 44(4), 383–406. https://doi.org/10.1080/00014788.2014.910376
  • Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505–527. https://doi.org/10.1016/S0304-405X(03)00121-1
  • Liu, G., & Sun, J. (2022). The impact of COVID-19 pandemic on earnings management and the value relevance of earnings: US evidence. Managerial Auditing Journal, 37(7), 850–868. https://doi.org/10.1108/MAJ-05-2021-3149
  • Magnan, M., Menini, A., & Parbonetti, A. (2015). Fair value accounting: information or confusion for financial markets? Review of Accounting Studies, 20(1), 559–591. https://doi.org/10.1007/s11142-014-9306-7
  • McGregor, S. (2022). Fair value accounting impact on decision-usefulness of accounting information: evidence from accounting standards update 2016–01 on the USinsurance industry. Journal of Financial Reporting and Accounting, 20(5), 926–952. https://doi.org/10.1108/JFRA-12-2020-0352
  • OECD. (2023). G20 – CPI All items. OECD.Stats. https://stats.oecd.org
  • Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
  • Öncel, M. (1995). Enflasyon ve vergi̇lendi̇rme. Ankara Üniversitesi Hukuk Fakültesi Dergisi, 44(1).
  • Özcan, İ. (2022). Mevduat Bankalarinda Gerçeğe Uygun Değer Hiyerarşisinin İçerik Analizi Ve Kazanç Oynakliğina Etkisi. Muhasebe Bilim Dünyası Dergisi, 24(1), 109–131.
  • Özdemir, L. (2020). Covid-19 pandemisinin BIST sektör endeksleri üzerine asimetrik etkisi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 5(3), 546–556.
  • Ozkan, S., & Kaytmaz Balsari, C. (2010). Impact of financial crises on the value relevance of earnings and book value: 1994 and 2001 crises in Turkey. Iktisat Isletme ve Finans, 25(288).
  • Özkan, T. (2005). EnflasyonMuhasebesi̇ Uygulamasının Fi̇rmalarin Fi̇nansal Yapıları Üzeri̇ne Etki̇leri̇. Muhasebe ve Denetime Bakış, 15, 49–72. https://dergipark.org.tr/tr/pub/mdbakis/issue/63884/967105
  • Palea, V. (2014). Fair value accounting and its usefulness to financial statement users. Journal of Financial Reporting and Accounting, 12(2), 102–116. https://doi.org/10.1108/jfra-04-2013-0021
  • Pathirawasam, C. (2013). The Value Relevance of Earnings and Book Value: The Importance of Ownership Concentration and Firm Size. Journal of Competitiveness, 5(2), 98–107. https://doi.org/10.7441/joc.2013.02.07
  • Patjoshi, P. K. (2020). Impact of Inflation on Major Financial Ratios. Indian Journal of Natural Sciences, 10(60). https://doi.org/10.37896/jxu14.4/377
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  • Seleteng, M., Bittencourt, M., & van Eyden, R. (2013). Non-linearities in inflation-growth nexus in the SADC region: A panel smooth transition regression approach. Economic Modelling, 30(1), 149–156. https://doi.org/10.1016/j.econmod.2012.09.028
  • Suadiye, G. (2012). Value relevance of book value & earnings under the local GAAP and IFRS: Evidence from Turkey. Ege Academic Review, 12(3), 301–310.
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  • Varol, N. (2022). Inflation Accounting in Terms of Tax Legislation and Accounting Standards in Turkey. Muhasebe ve Finansman Dergisi, 93, 19–30. https://doi.org/10.25095/mufad.979514
  • Wang, H. (2012). The Decision Usefulness of Fair Value Accounting in the Debt Market (Issue October). The John Molson School of Business.
  • Wang, J. L., Hsiung, H. H., & Jhu, Y. W. (2020). The Study on Accounting Information Value Relevance in the Practice of IFRS 16 - An Empirical Study of Taiwan. ACM International Conference Proceeding Series, 146–152. https://doi.org/10.1145/3429551.3429560
  • Whittington, G. (2008). Fair value and the IASB/FASB conceptual framework project: An alternative view. Abacus, 44(2), 139–168. https://doi.org/10.1111/j.1467-6281.2008.00255.x
  • Yaya, O. S., & Shittu, O. I. (2010). On the impact of inflation and exchange rate on conditional stock market volatility: a re-assessment.
  • Yeldan, E. (2001). On the Imf-Directed Disinflation Program in Turkey: A Program for Stabilization and Usterity or a Recipe for Impoverishment and Financial Chaos? The Ravages of Neo-Liberalism: Economy, Society, and Gender in Turkey, 1, 1–26. https://ssrn.com/abstract=290539
  • Yilmazkuday, H. (2022). Drivers of Turkish inflation. Quarterly Review of Economics and Finance, 84, 1–24.
  • Yücel, G. (2023). Parasal Kazanç ( Monetary Gain ) Kavramı Anlaşılmadan Enflasyona Göre Düzeltilmiş Finansal Tablolar Anlaşılamaz. Denetim ve Güvence Hizmetleri Dergisi, 3(1), 1–10.
Toplam 101 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm ANABÖLÜM
Yazarlar

Seyfullah Selimefendigil 0000-0001-7017-9673

Erken Görünüm Tarihi 23 Aralık 2023
Yayımlanma Tarihi 31 Aralık 2023
Gönderilme Tarihi 18 Şubat 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 25 Sayı: 4

Kaynak Göster

APA Selimefendigil, S. (2023). DECISION USEFULNESS AND INFLATION ACCOUNTING: THE CASE OF TURKEY. Muhasebe Bilim Dünyası Dergisi, 25(4), 465-497. https://doi.org/10.31460/mbdd.1253007