The development of international accounting and auditing standards for fair value accounting in the Arab Middle East, Jordan: a systematic review

A comprehensive literature review and analysis of auditing and "fair value accounting (FVA)" growth in Jordan and the "Arab - Middle Eastern (ME)" region are presented in this paper. It determines fair value implementation criteria and their impact on auditing pricing and applica...

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Bibliographic Details
Published in:Cogent business & management Vol. 11; no. 1; pp. 1 - 17
Main Authors: Alharasis, Esraa Esam, Prokofieva, Maria, Clark, Colin, Haddad, Hossam, Alramahi, Nidal
Format: Journal Article
Language:English
Published: Abingdon Taylor & Francis 31.12.2024
Cogent
Taylor & Francis Ltd
Taylor & Francis Group
Subjects:
Accounting
audit pricing
auditing fair value accounting
Auditing standards
Business, Management and Accounting
Commercial Law
Economics and Development
Fair value
Fair value adoption
International Standards on Auditing
Jordan
Middle east
Middle East, Jordan
ISSN:2331-1975, 2331-1975
Online Access:Get full text
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Summary:A comprehensive literature review and analysis of auditing and "fair value accounting (FVA)" growth in Jordan and the "Arab - Middle Eastern (ME)" region are presented in this paper. It determines fair value implementation criteria and their impact on auditing pricing and application status. This paper reviewed relevant academic literature extensively. We used PRISMA principles to formulate questions and use systematic and explicit methods to identify, select, and critically evaluate relevant papers. More than 155 top accounting journal papers from 2000 to 2023 are reviewed. Qualitative content analysis of FVA literature revealed two main themes. The first theme, institutional factors on FVA application decisions in the region, has three main topics: theoretical underpinning, local factors, and accounting system heritage. The second theme is FVA’s effects on auditing. The first theme found that institutional isomorphism drives FVA practices in Jordan, and the second theme shows that complex asset and liability estimates make FVA application difficult in Jordan. This review is the first to examine FVA and auditing. The identified subjects and subtopics’ theoretical underpinning and practical applicability are reviewed. The analysis concludes with research recommendations and limitations.
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ISSN:2331-1975
2331-1975
DOI:10.1080/23311975.2024.2391564