O IFRS INSTITUTE proporciona informação sobre os resultados da investigação científica em IFRS que foram publicados nas mais prestigiadas revistas científicas da área de contabilidade a nível internacional. Consideram-se os estudos empíricos sobre a adoção das IFRS, nomeadamente os que analisam os determinantes/indutores e os impactos da adoção das IFRS, seja ela voluntária ou obrigatória. A informação apresentada é indispensável para quem pretende realizar investigação em matéria de IFRS, na medida em que contempla os mais influentes artigos publicados sobre o assusto.

As revistas aqui consideradas são as incluídas no Social Sciences Citation Index (SSCI), uma base de dados elaborada pela Thomson Reuters. Trata-se de um índice que acompanha citações de artigos de cerca de 3 000 revistas científicas de topo das diversas disciplinas das ciências sociais, uma das quais é a contabilidade. No âmbito deste índice, considera-se que o número de citações reflete o impacto ou influência de um artigo.

As revistas da área da contabilidade incluídas no SSCI e aqui consideradas são as seguintes:

Abacus
Accounting and Business Research
Accounting and Finance
Accounting Horizons
Accounting, Organizations and Society
Accounting Review
Auditing - A Journal of Practice and Theory
Asia-Pacific Journal of Accounting and Economics
Australian Accounting Review
Contemporary Accounting Research
European Accounting Review
Journal of Accounting and Economics
Journal of Accounting and Public Policy
Journal of Accounting Research
Journal of Business Finance and Accounting
Journal of International Financial Management and Accounting
Management Accounting Research
Review of Accounting Studies
Spanish Journal of Finance and Accounting



Abacus é uma revista publicada pela Wiley-Blackwell em nome da Accounting Foundation da University of Sydney, Austrália. O editor é Stewart Jones Universidade de Sydney, Austrália. O fator de impacto relativo a 2011 é 0,86.


IFRS Practices and the Persistence of Accounting System Classification

Christopher Nobes, 2011

Abstract: The earliest paper on international classification of accounting systems is one hundred years old. For about fifteen years from the late 1960s, many papers on the subject were published. One feature of several of the classifications was the dichotomous split of countries into Anglo and Continental European. This has been extensively debated. This paper prepares a classification based on the accounting policy choices made by the largest listed companies of eight countries in 2008/9. All the companies were using the same reporting rules, International Financial Reporting Standards (IFRS). This classification by IFRS practices shows the same two groups as a classification of national practices drawn up in 1980, despite 30 years of harmonization. None of the classifications above or the more recent ones was based on the actual accounting practices of companies in annual reports. This has several disadvantages, as the paper investigates. This paper’s classification is the first to be based on accounting practices, as well as being the first in the IFRS era. The paper also investigates the implications of the persistent differences in practices for assessing the success of the IASB’s whole project on improving comparability of financial statements.

Amostra: Austrália, Reino Unido, Alemanha, França, Espanha, Holanda, Itália, Suécia.

AssuntoAmostraObjecto de estudoResultado
IFRS em diferentes contextosMulti-paísPolíticas contabilísticas

Corporate Governance and the Prediction of the Impact of IFRS Adoption

John Goodwin, Kamran Ahmed e Richard Heaney, 2009

Abstract: This study examines whether a firm’s corporate governance system, particularly with respect to the characteristics of the board of directors and senior management, affects how accurately the impact of accounting changes is reported to shareholders. We concentrate on the relation between corporate governance measures and accounting forecast errors that arise with adoption of the International Financial Reporting Standards by listed Australian firms. Evidence reveals that corporate governance mechanisms are associated with the likelihood and magnitude of managerial forecast errors.

AssuntoAmostraObjecto de estudoResultado
Processo de transição para as IFRSAustráliaErros nas previsões dos efeitos da adoção das normas

Expected Earnings Growth and the Cost of Capital: An Analysis of Accounting Regime Change in the European Financial Market

Christina Dargenidou, Stuart Mcleay e Ivana Raonic, 2006

Abstract: This study focuses on the relation between the cost of equity capital and earnings expectations when the properties of accounting that determine earnings vary across different regulatory regimes. More particularly, it addresses the European setting where different types of GAAP regime have continued to function in the presence of the gradual harmonization of the underlying legal framework, and where the adoption of internationally recognized accounting standards by certain firms has anticipated the requirement for International Financial Reporting Standards. On the basis of estimates of the cost of equity that are implied by analysts’ earnings forecasts, the article provides evidence that financial market integration may have already contributed to mitigating the economic consequences of accounting diversity, and that switching to IFRS could have a short lived impact on capital markets. Moreover, based on firm level transparency and disclosure rankings provided by Standard and Poor’s, it is shown how the quality of financial reporting conditions the implied cost of equity under different GAAP.

Amostra: Alemanha, Áustria, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Irlanda, Itália, Holanda, Noruega, Portugal, Suécia, Suíça, Reino Unido

AssuntoAmostraObjecto de estudoResultado
Consequências económicas Multi-paísRetornos anormaisFavorável às IFRS

International Financial Reporting Standards and Experts’ Perceptions of Disclosure Quality

Holger Daske e Günther Gebhardt, 2006

Abstract: From 2005, over 7,000 listed firms in the European Union and many more around the world are required to adopt International Financial Reporting Standards (IFRS). The introduction of a uniform accounting regime is expected to ensure greater comparability and transparency of financial reporting around the world. However, recent research has questioned the quality of financial statements prepared under IFRS standards, particularly in the presence of weak enforcement mechanisms and adverse reporting incentives (Ball et al. , 2003). In this paper, we assess the quality of the financial statements of Austrian, German and Swiss firms which have already adopted internationally recognized standards (IFRS or U.S. GAAP). The study makes use of available disclosure quality scores extracted from detailed analyses of annual reports by reputed accounting scholars (‘experts’). This work complements other contemporary research on the quality of IFRS financial statements where the properties of earnings are used as an evaluation metric (Barth et al., 2005). Our evidence shows that disclosure quality has increased significantly under IFRS in the three European countries we analyze. This result holds not only for firms which have voluntarily adopted IFRS or U.S. GAAP, but also for firms which mandatorily adopted such standards in response to the requirements of specific stock market segments. Although we cannot establish direct causality due to the inherent self-selection issues for most of our sample firms, the evidence shows that the quality of financial reports has increased significantly with the adoption of IFRS.

Amostra: Áustria, Alemanha e Suiça

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAP Multi-paísQualidade da informação financeiraFavorável às IFRS

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Accounting and Business Research é uma revista publicada pela Taylor & Francis em nome do Institute of Chartered Accountants in England and Wales. Os editores são Vivien Beattie, da Universidade de Glasgow, e Pauline Weetman, da Universidade de Edinburgh, Reino Unido. O fator de impacto relativo a 2011 é 0,378.


International differences in IFRS policy choice: a research note

Erletid Kvaal e Christopher Nobes, 2010

Abstract: Building on literature that suggests motives and opportunities for national versions of IFRS practice, we examine whether there are systematic differences in IFRS accounting policies between countries. Using information from the annual reports of companies in the blue chip indices of the largest five stock markets that use IFRS, we reject a null hypothesis that IFRS practice is the same across countries. For 16 accounting policy issues, we find instead significant evidence that pre-IFRS national practice continues where this is allowed within IFRS. By this, we document the existence of national patterns of accounting within IFRS. We also point out some policy implications that arise from our findings.

Amostra: Alemanha, Austrália, Espanha, França, Reino Unido

AssuntoAmostraObjecto de estudoResultado
IFRS em diferentes contextosMulti-paísPolíticas contabilísticas

Have 'European' and US GAAP measures of income and equity converged under IFRS? Evidence from European companies listed in the US?

Sidney Gray, Cheryl Linthicum e Donna Street, 2009

Abstract: The EU's adoption of IFRS, combined with the SEC's removal of the US GAAP reconciliation requirement for non-US registrants reporting under IFRS, signifies a major shift towards the acceptance of global standards. Based on 20-F reconciliations provided by the population of US listed European companies filing IFRS-based statements with the SEC in 2005, we examine whether 'European' and US GAAP measures of income and equity converged under IFRS. We find that during the period immediately preceding IFRS, for our sample companies, European and US GAAP measures are generally comparable in respect of income and equity. However, as an exception to the latter, we find that UK GAAP yielded significantly lower measures of equity than US GAAP. For companies adopting IFRS for the first time in 2005, we find a significant gap between IFRS and US GAAP measures of income, thereby, signifying de facto divergence from US GAAP in regard to income determination. Furthermore, we find that, following IFRS adoption, significant differences with US GAAP equity persisted for companies that previously reported using UK GAAP. Our findings, thus, support critics' claims that standard-setters, most notably the IASB and FASB, have more work to do to achieve a sufficient degree of convergence between IFRS and US GAAP that will convince the SEC to require US companies to use IFRS.

Amostra: Alemanha, Bélgica, Dinamarca, Espanha, Finlândia, França, Holanda, Hungria, Irlanda, Itália, Luxemburgo, Noruega, Portugal, Reino Unido, Suécia, Suíça.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísResultado líquido, capital próprio e reconciliações 20-FDesfavorável às IFRS

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Accounting and Finance é uma revista publicada pela Wiley-Blackwell em nome da Accounting and Finance Association of Australia and New Zealand. O editor-chefe é Steven Cahan, da Universidade de Auckland, Austrália. O fator de impacto relativo a 2011 é 0,646.


Stock market synchronicity – an alternative approach to assessing the information impact of Australian IFRS

Sanjay Bissessur e Allan Hodgson, 2012

Abstract: How has the mandatory adoption in 2005 of International Financial Reporting Standards in (IFRS) affected information flow for investors in Australia? This paper investigates impact by examining synchronicity issues. Morck et al. (2000) label the degree to which stock prices depend upon market and industry wide information as market synchronicity, and the degree to which they reflect firm specific information as idiosyncratic dependency. Increased synchronicity can signal several events, including a loss of confidence in firm specific accounting data, reduced transparency, or evidence of a greater degree of cross sectional comparability. We develop and test three theoretical models on the impact of IFRS and find a general decrease in synchronicity in the first two post-IFRS years, followed by a reversion to a significantly higher level in later years. Further tests reveal lower analyst forecast earnings errors post-IFRS. Results provide restrictive support for the International Accounting Standards Board contention that IFRS accounting provides higher specific and comparable information content – at least for sophisticated financial analysts.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPAustráliaSincronicidadeFavorável às IFRS

Intangible assets, IFRS and analysts’ earnings forecasts

Keryn Chalmers, Greg Clinch, JayneM. Godfrey e Zi Wei, 2012

Abstract: We investigate whether the adoption of International Financial Reporting Standards (IFRS) in 2005 by Australian firms has been associated with a loss of potentially useful information about intangible assets. We find that the negative association between the accuracy and dispersion of analysts’ earnings forecasts and aggregate reported intangibles previously documented by Matolcsy and Wyatt (2006) becomes stronger subsequent to IFRS adoption, primarily for firms with high levels of underlying intangible assets. Our result is largely attributable to reported goodwill, rather than other intangible assets, suggesting that the impairment approach to goodwill valuation required by IFRS conveys more useful information than does the former straight-line amortization approach. When we investigate a sub-sample of firms that report lower intangibles under IFRS than under the prior Australian GAAP, we do find some evidence consistent with a loss of useful information relating to intangibles.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPAustráliaPrecisão das previsões de analistasFavorável às IFRS

IFRS adoption and analysts’ earnings forecasts: Australian evidence

Julie Cotter, Ann Tarca e Marvin Wee, 2012

Abstract: We study 145 large listed Australian firms to explore the impact of international financial reporting standards (IFRS) adoption on the properties of analysts’ forecasts and the role of firm disclosure about IFRS impact. We find that analyst forecast accuracy improves, and there is no significant change in dispersion in the adoption year, suggesting that analysts coped effectively with transition to IFRS. However, we do not observe the expected relationship between firms’ IFRS impact disclosures in their financial statements issued at the end of the transition year with forecast error and dispersion in the adoption year. The results question the timeliness and usefulness of financial statement disclosure, even in a setting where disclosure was mandated by accounting standards (AASB 1047 and AASB 1) and firms had strong incentives to provide information to analysts.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPAustráliaPrecisão das previsões de analistasFavorável às IFRS

Corporate communication of financial risk

Grantley Taylor, Greg Tower e John Neilson, 2010

Abstract: This study provides insights on the Financial Risk Management Disclosure (FRMD) patterns of Australian listed resource companies for the 2002–2006 period leading up to and immediately following adoption of the International Financial Reporting Standards (IFRS). Regression analysis demonstrates that corporate governance and capital raisings of firms are significant and positively associated with FRMD patterns. In contrast, overseas stock exchange listing of firms is significantly negatively associated with FRMD patterns. The findings show that the introduction of IFRS changes corporation’s willingness to communicate risk information.

AssuntoAmostraObjecto de estudoResultado
Impacto na divulgação de informação Nova ZelândiaÍndice de divulgação Favorável às IFRS

Governance regulatory changes, International Financial Reporting Standards adoption, and New Zealand audit and non-audit fees: empirical evidence

Paul A. Griffin, David H. Lont e Yuan Sun, 2009

Abstract: This study examines the association between overseas and New Zealand governance regulatory reforms and New Zealand companies’ audit and non-audit fees. Our models use temporal and International Financial Reporting Standards (IFRS) indicator variables to relate the timing of the fee changes to the incidence of the overseas and local reforms. We find that audit fees increased in New Zealand over 2002–2006. Such increases associate reliably with the transition to and adoption of NZ IFRS and not with earlier overseas governance reforms. Our study also documents a decrease in non-audit fees over the same period, but we find no IFRS effect for non-audit fees.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasNova ZelândiaHonorários de serviços de auditoria e honorários de outros serviços

Impact of International Financial Reporting Standard adoption on key financial ratios

Anna-Maija Lantto e Petri Sahlström, 2009

Abstract: Although previous research has investigated the economic consequences of International Financial Reporting Standard (IFRS) adoption, there is little evidence on the impact of IFRS adoption on key financial ratios. To fill this gap, we examine this issue in a continental European country (Finland). Our results show that the adoption of IFRS changes the magnitude of the key accounting ratios. Moreover, we extend the literature by showing that the adoption of fair value accounting rules and stricter requirements on certain accounting issues are the reasons for the changes observed in accounting figures and financial ratios.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPFinlândiaRácios financeiros

Australia’s switch to international financial reporting standards: a perspective from account preparers

Stewart Jones e Alison D. Higgins, 2006

Abstract: This study reports the findings of a structured telephone survey on adoption of international financial reporting standards (IFRS) from 60 firms drawn from among Australia’s top 200 corporations. Although we find evidence of strong systematic variation in survey responses with factors such as firm size, industry background and expected impacts on financial performance, the general results indicate that many respondents have not been well prepared for the transition and are generally very sceptical about the claimed benefits of IFRS as enunciated in the government’s Corporate Law Economic Reform Program. The results have implications to other international reporting jurisdictions, particularly the European Union, where adoption of IFRS is already underway.

AssuntoAmostraObjecto de estudoResultado
Processo de transição para as IFRSAustráliaGrau de preparação para a transição para as IFRSDesfavorável às IFRS

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Accounting Horizons é uma revista publicada pela American Accounting Association. Os editores são Dana R. Hermanson, da Universidade Kennesaw State, e Terry Shevlin, da Universidade de Washington, EUA. O fator de impacto relativo a 2011 é 1,759.


Assessing the Financial Reporting Consequences of Conversion to IFRS: The Case of Equity-Based Compensation

Mary Lea McAnally, Sean T. McGuire, and Connie D. Weaver, 2010

Abstract: The potential conversion of accounting standards from U.S. GAAP to International Financial Reporting Standards IFRS raises the issue of unknown financial reporting consequences. We consider one important accounting issue, namely equity-based compensation, and study how IFRS conversion will affect financial statements and the quality of reported numbers. The difference between the two standards is that IFRS reports tax benefits from equity-based compensation at their intrinsic value each period. This amounts to quasi fair-value accounting under IFRS compared to historic cost accounting under GAAP. We develop and compare pro forma GAAP and IFRS accounting reports for a broad cross section of U.S. firms. We find that IFRS yields lower deferred tax assets and recognized tax benefits for approximately two-thirds of the option grants in our sample. Moreover, reported tax items will be more volatile under IFRS and these effects will be more pronounced for firms with greater option use and stock price volatility. Importantly, we find that IFRS tax items are better able to predict future cash flows. One conclusion is that IFRS improves the relevance, and thereby, the quality, of at least some reported numbers.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPEUAQualidade da informação financeiraFavorável às IFRS

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Accounting, Organizations and Society é uma revista publicada pela Elsevier. O atual editor é Christopher Chapman, do Imperial College London, Reino Unido. O fator de impacto relativo a 2011 é 2,878.


International differences in IFRS policy choice: a research note

Marta Silva Guerreiro, Lúcia Lima Rodrigues e Russell Craig, 2012

Abstract: Common explanations for the voluntary adoption of International Financial Reporting Standards (IFRS) have been based on economic efficiency arguments. This paper introduces new theoretical arguments to explain how institutional pressures influence decisions to adopt IFRS voluntarily. Through recourse to an institutional theory context, we combine the analytical framework proposed by Oliver (1991) with the concept of institutional logics, and apply this framework to the financial accounting field for the first time. This combined model shows how multiple forms of rationality constrain company responses to pressures to adopt a new accounting regime. We find that companies in a code law country are willing to change from a code-law institutional logic to a common-law institutional logic if they consider such a change will have positive overall benefits to them. Companies assess the net benefits of change after considering the legitimacy they achieve with IFRS, the consistency of IFRS with their goals and institutional context, and the loss of autonomy they believe they are likely to sustain from adopting IFRS. Contrary to predictions in earlier formulations of institutional theory, we find that the acquiescence of companies in adopting IFRS is not a blind response to institutional demands, but is largely predictable by virtue of the inherent nature and importance of such institutional pressures to them. Prevailing institutional logics are shown to provide important insights to the decisions of companies to adopt IFRS voluntarily. We draw on our results to contend that a company’s acquiescence to institutional pressures to adopt IFRS occurs notwithstanding that they can also contemplate more active strategies (through decoupling).

AssuntoAmostraObjecto de estudoResultado
Indutores da adoção voluntária de IFRSPortugalFactores determinantes da adoção voluntária das IFRS

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A Accounting Review é uma revista publicada pela American Accounting Association. Foi estabelecida em 1926, sendo a mais antiga revista científica da área. O editor é John Harry Evans III, da Universidade de Pittsburgh, EUA. O fator de impacto relativo a 2011 é 2,418.


Mandatory IFRS Adoption and Institutional Investment Decisions

Annita Florou e Peter F. Pope, 2012

Abstract: We examine whether the mandatory introduction of International Financial Reporting Standards leads to an increase in institutional investor demand for equities. Using a large ownership database covering all types of institutional investors from around the world, we find that institutional holdings increase for mandatory IFRS adopters. Changes in holdings are concentrated around first-time annual reporting events. Second, we document that the positive IFRS effects on institutional holdings are concentrated among investors whose orientation and styles suggest they are most likely to benefit from higher quality financial statements, including active, value, and growth investors. These results are consistent with holdings changes being associated with the financial reporting regime change. Finally, we show that increased institutional holdings are concentrated in countries in which enforcement and reporting incentives are strongest, and where the differences between local GAAP and IFRS are relatively high. Overall, our study helps shed new light on the channels by which IFRS information becomes impounded in market outcomes.

Amostra: África do Sul, Alemanha, Argentina, Austrália, Áustria, Bélgica, Bermudas, Brasil, Canadá, Chile, China, Colômbia, Coreia do Sul, Dinamarca, Egipto, Espanha, EUA, Filipinas, Finlândia, França, Grécia, Holanda, Hong Kong, Hungria, Índia, Indonésia Irlanda, Israel, Itália, Japão, Luxemburgo, Malásia, México, Noruega, Nova Zelândia, Polónia, Portugal, Reino Unido, Rep. Checa, Rússia, Suécia, Suíça, Taiwan, Turquia.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísProcura de ações por parte de investidores institucionaisFavorável às IFRS

The Impact of Mandatory IFRS Adoption on Audit Fees: Theory and Evidence

Jeong-Bon Kim, Xiaohong Liu e Liu Zheng, 2012

Abstract: This study examines the impact of International Financial Reporting Standards (IFRS) adoption on audit fees. We first build an analytical audit fee model to analyze the impact on audit fees for the change in both audit complexity and financial reporting quality brought about by IFRS adoption. We then test the model’s predictions using audit fee data from European Union countries that mandated IFRS adoption in 2005. We find that mandatory IFRS adoption has led to an increase in audit fees. We also find that the IFRS-related audit fee premium increases with the increase in audit complexity brought about by IFRS adoption, and decreases with the improvement in financial reporting quality arising from IFRS adoption. Finally, we find some evidence that the IFRS-related audit fee premium is lower in countries with stronger legal regimes. Our results are robust to a variety of sensitivity checks.

Amostra:Alemanha, Áustria, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Irlanda, Itália, Portugal, Reino Unido, Suécia

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísHonorários de serviços de auditoria

Market Reaction to the Adoption of IFRS in Europe

Christopher S. Armstrong, Mary E. Barth, Alan D. Jagolinzer e Edward J. Riedl, 2010

Abstract: This study examines European stock market reactions to 16 events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone toward financial reporting convergence yet spurred controversy reaching the highest levels of government. We find an incrementally positive reaction for firms with lower quality pre-adoption information, which is more pronounced for banks, and with higher pre-adoption information asymmetry, consistent with investors expecting net information quality benefits from IFRS adoption. We find an incrementally negative reaction for firms domiciled in code law countries, consistent with investors’ concerns over enforcement of IFRS in those countries. Finally, we find a positive reaction to IFRS adoption events for firms with high-quality pre-adoption information, consistent with investors expecting net convergence benefits from IFRS adoption.

Amostra:Alemanha, Áustria, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Irlanda, Itália, Holanda, Noruega, Polónia, Portugal, Reino Unido, República Checa, Suécia, Suíça.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísReação do mercado de capitaisFavorável às IFRS

An Exploratory Study of the Valuation Properties of Cross-Listed Firms’ IAS and U.S. GAAP Earnings and Book Values

Hollis Ashbaugh e Per Olsson, 2002

Abstract: Despite the increasing integration of global capital markets, there is little evidence on the valuation properties of cross-listed, non-U.S. firms’ accounting variables. We use the relative performance of the earnings capitalization, the book value, and the residual income valuation models to explore the valuation properties of International Accounting Standards and U.S. Generally Accepted Accounting Principles earnings and book values reported by non-U.S., cross-listed firms trading in a common equity market. Using non- U.S./non-U.K. firms whose shares trade on the International Stock Exchange Automated Quotation system in London, we find that the earnings capitalization model is the dominant accounting-based valuation model when cross-listed firms report under International Accounting Standards. In contrast, we find that when cross-listed firms report under U.S. Generally Accepted Accounting Principles, the residual income model is the dominant accounting-based valuation model. Our exploratory study provides insights into the valuation implications of allowing a dual reporting system for foreign registrants trading in a common equity market.

Amostra:África do Sul, Alemanha, Argentina, Austrália, Bélgica, China, Espanha, Finlândia, França, Holanda, Hong Kong, Itália, Japão, Noruega, Portugal, Suécia.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísRelevância da informação financeira

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Asia-Pacific Journal of Accounting and Economics é uma revista publicada pela Taylor & Francis em nome das universidades City University of Hong Kong e National Taiwan University. Os editores são Yin-Wong Cheung, daCity University of Hong Kong, Hong Hwang da National Taiwan University, Jeong Bon Kim, da City University of Hong Kong e Suresh Radhakrishnan, da Universidade do Texas, EUA. O fator de impacto relativo a 2011 é 0,091.


Accounting standards. the institutional environment and issuer incentives: Effect on timely loss recognition in China

Ray Ball, Ashok Robin e Joann Shuang Wu, 2000

Abstract: Accounting income of Chinese companies reporting under both domestic ASBE accounting standards and International Accounting Standards (“IAS”) is shown to lack timely incorporation of economic losses. This is less surprising for ASBE-compliant income, because although ASBE standards are based on IAS, they lack important asymmetric rules, such as lower-of-cost-or-market, and impairment of long-term assets. More striking is the absence of timely loss incorporation in financial statements certified by international auditors as IAS-compliant. IAS resemble common-law standards and are widely believed to increase financial reporting quality. The timely incorporation of losses has become perhaps the single most important feature of income reporting under common law (Basu (1997), Ball, Kothari and Robin (2000). We attribute the result to the comparatively low incentive of managers and auditors to recognise economic losses in a timely fashion and, conversely, to comparatively high political and tax influences on financial reporting practices. Our results imply that financial reporting cannot be improved simply by governments mandating accounting standards that evolved endogenously in different economies. The most fruitful area for Chinese accounting reform lies not in simply adopting or imitating international accounting standards, but in reforming domestic institutions such as the legal system, corporate governance and auditor training and independence. © City University of Hong Kong.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPChinaTempestividade do reconhecimento de perdas Desfavorável às IFRS

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Australian Accounting Review é uma revista publicada pela Wiley-Blackwell em nome da CPA Australia. O editor é Tyrone M. Carlin, da Universidade de Sydney, Austrália. O fator de impacto relativo a 2011 é 0,322.


Determinants of Financial Ratio Disclosure Patterns of Australian Listed Extractive Companies

Grantley Taylor e Greg Tower, 2011

Abstract: We investigate the disclosure patterns of Financial Ratios (FRDs) within the annual reports of 111 Australian listed resource companies over the period 2002 to 2006. Disclosure of financial ratio information increased over this period with a significant increase in disclosures recorded in the first full-year annual report prepared following adoption of IFRS. The results of logistic regression analysis demonstrate that income tax and firm size are factors that are significantly associated with financial ratio disclosures. This study contributes to an understanding of the extent, trends and rationale behind resource firms’ financial ratio disclosure practices in Australia.

AssuntoAmostraObjecto de estudoResultado
Impacto na divulgação de informaçãoAustráliaÍndice de divulgaçãoFavorável às IFRS

Impact of IFRS in New Zealand on Accounts and Earnings Quality

Md Humayun Kabir, Fawzi Laswad e Md Ainul Islam, 2010

Abstract:The impact of the adoption of International Financial Reporting Standards (IFRS) on the accounts and the quality of earnings of New Zealand firms is examined. Our analysis of IFRS adjustments for the last period under pre-IFRS NZ Generally Accepted Accounting Principles (GAAP) reveals that total assets, total liabilities and net profit were significantly higher under IFRS than under pre-IFRS GAAP. Profit and equity under IFRS were increased by adjustments for goodwill and other intangibles and investment property, and decreased by adjustments for employee benefits and share-based payments. Using data for 2002–2009, we find that absolute discretionary accruals were significantly higher under IFRS than under pre-IFRS NZ GAAP, suggesting lower earnings quality under IFRS than under pre-IFRS NZ GAAP. However, we find no significant differences in signed discretionary accruals and the ability of earnings to predict one-year-ahead cash flows between pre-IFRS NZ GAAP and IFRS. These results are consistent across alternative measures of accruals quality, sample selection and whether firms elected to adopt IFRS in 2005 rather than comply with them in 2007.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPNova ZelândiaAccruals discricionáriosFavorável às IFRS

Mandatory Adoption of IASB Standards: Value Relevance and Country-Specific Factors

Ana Isabel Morais e José Dias Curto, 2009

Abstract:The objective of this study is to investigate if the value relevance of European-listed companies increased after the mandatory application of International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) and how the value relevance of accounting information prepared under IAS/IFRS is shaped by the specific factors of the country in which companies are domiciled. Results show that the value relevance of financial information during the period companies applied mandatory IAS/IFRS is higher than for the period during which they applied local accounting standards. We also found that countries where accounting and tax are clearly separated show more relevant accounting information. Finally, we found that companies from countries with more legal and public enforcement mechanisms disclose less relevant accounting information under IAS/IFRS.

Amostra:Alemanha, Áustria, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Irlanda, Itália, Portugal, Reino Unido, Suécia.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísRelevância da informação financeira Favorável às IFRS

Corporate Disclosure Quality: Lessons from Australian Companies on the Impact of Adopting International Financial Reporting Standards

Gerry Gallery, Emerson Cooper e John Sweeting, 2008

Abstract: For annual reporting periods beginning on or after 1 January 2005, Australian companies were required to comply with the Australian equivalents of International Financial Reporting Standards (AIFRS). To ensure a smooth transition, a broadly defined standard (AASB 1047) mandated pre-adoption company disclosures of the AIFRS' impact. The standard provided managers with the opportunity to exercise considerable discretion in complying with the underlying disclosure requirements. We examine how this discretion impacted on the quality of pre-adoption AIFRS disclosures provided by a sample of large Australian companies. Using a disclosure quality index, we find considerable evidence of a cross-sectional variation in disclosure quality that varies according to differences in the AIFRS financial impact, size, industry and profitability factors. Importantly, we also observe individual Big 4 audit firm influences on disclosure quality. These findings highlight consequences of mandating corporate disclosures based on broadly defined principles.

AssuntoAmostraObjecto de estudoResultado
Processo de transição para as IFRSAustráliaÍndice de divulgação

Adoption of International Financial Reporting Standards: Impact on the Value Relevance of Intangible Assets

Keryn Chalmers, Greg Clinch e Jayne M. Godfrey, 2008

Abstract: We examine whether the value relevance of reported intangibles differs between financial reporting regimes pre- and post-adoption of Australian Equivalents to International Financial Reporting Standards (AIFRS) and Australian Accounting Standards (AGAAP) respectively. Using AIFRS and AGAAP measures of goodwill and identifiable intangible assets for the same financial year and testing their association with share prices, we find evidence that AIFRS generally convey incremental useful information for investors about goodwill. For aggregated identifiable intangible assets there is no evidence that AIFRS conveys information beyond that in AGAAP. In contrast, we find evidence that AGAAP provides incremental information for investors in relation to identifiable intangibles, but not goodwill.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPAustráliaRelevância da informação financeiraEfeito misto

How Prepared was Australia for International Financial Reporting Standards? The Case of Listed Firms

John Goodwin, Barry J. Cooper e Shireenjit Johl, 2008

Abstract: We measure the preparedness of listed firms for international financial reporting standards (IFRS) by changes in explanations from Australian GAAP to IFRS between the half-year and annual accounts. About one-third of sample firms changed their explanations for earnings, cash-flows or equity by averages of about −7%, 67% and 3% respectively. Most changes are less than 5% for earnings and equity, and tax is the item most commonly revised. More profitable firms and firms with more reconciling items are most likely to change an explanation. In a telephone survey of chief financial officers, 70% revealed that the change followed an incorrect application of an accounting rule in the half-year accounts.

AssuntoAmostraObjecto de estudoResultado
Processo de transição para as IFRSAustráliaÍndice de divulgação

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European Accounting Review é uma revista publicada pela Taylor & Francis em nome da European Accounting Association. O editor é Laurence van Lent, da Universidade de Tilburg, Holanda. O fator de impacto relativo a 2011 é 1,154.


IFRS Policy Changes and the Continuation of National Patterns of IFRS Practice

Erlend Kvaal e Christopher Nobes, 2012

Abstract: International Financial Reporting Standards (IFRS) contain several policy options. This paper examines the choices made in 2008/9 IFRS financial statements by large listed companies from five countries on all the options that are observable. We compare these choices with those that had been made by the same companies in 2005/6, which (except for the German companies) was the year of transition to IFRS. For Australian and UK companies, we find - as expected - that there were few policy changes. However, despite the constraints on policy change within IFRS, we find that French and Spanish companies not only made more changes than the other companies but that they also made more changes after transition than at transition. Further investigation reveals that these findings are largely driven by a small number of topics. One possible explanation for the pattern of these changes is a 'learning' process, which is supported by finding that nearly all the post-transition changes made by the French and Spanish companies were away from previous national requirements. However, we consider other possible explanations. We also present the profiles of IFRS practices for 2008/9. Despite the changes in policy from 2005/6, we find clear evidence that national patterns of IFRS practice continue through the period, so that international comparability remains in doubt.

Amostra:Alemanha, Austrália, Espanha, França, Reino Unido.

AssuntoAmostraObjecto de estudoResultado
IFRS em diferentes contextosMulti-paísPolíticas contabilísticas

IFRS: On the docility of sophisticated users in preserving the ideal of comparability

Sylvain Durocher e Yves Gendron, 2011

Abstract: This paper questions the ideal of comparability, which is often mobilized by standard setters when justifying new - or 'improvement' to existing - accounting standards. The target of our analysis is constituted by the thoughts of sophisticated users of financial statements when reflecting about International Financial Reporting Standards (IFRS) implementation in Europe. Drawing on the work of Mary Douglas on purity and Michel Foucault on docility, it is argued and shown that sophisticated users tend to interpret aberrations - that is to say indications of incomparability which confront users in the flow of their professional lives - in ways that allow the ideal of comparability to be preserved. Important consequences ensuing from the docility of users in purifying aberrations are discussed.

AssuntoAmostraObjecto de estudoResultado
Processo de transição para as IFRSFrançaGrau de preparação para a transição para as IFRS

The impact of mandatory IFRS adoption on equity valuation of accounting numbers for security investors in the EU

Joseph Aharony, Ran Barniv e Haim Falk, 2010

Abstract: Motivated by the European Union (EU) decision to mandate application of the International Financial Reporting Standards (IFRS) to the consolidated financial statements of all EU listed firms (Regulation (EC) 1606/2002), starting in December 2005, we compare the value relevance of accounting information in 14 European countries in the year prior to and the year of the mandatory adoption of the IFRS. We focus on three accounting information items for which measurements under IFRS are likely to differ considerably from measurements under domestic accounting practices across the EU countries prior to the introduction of the international standards: goodwill, research and development expenses (R&D), and asset revaluation. These three items, selected on an a priori basis, have been shown in previous research to differ in the effect of uncertainty on their future benefits. We use valuation models that include these three variables and in addition the book value of equity and earnings. Overall, our study suggests that the adoption of the IFRS has increased the value relevance of the three accounting numbers for investors in equity securities in the EU. Association tests support our two hypotheses: (1) in the year prior to the mandatory adoption of the IFRS, the incremental value relevance to investors of the three domestic GAAP-based accounting items was greater in countries where the respective domestic standards were more compatible with the IFRS; and (2) the higher the deviation of the three domestic GAAP-based accounting items from their corresponding IFRS values, the greater the incremental value relevance to investors from the switch to IFRS. These associations prevail when considering cross-country differences in the institutional environments, which tend to provide complementary effects.

Amostra:Alemanha, Áustria, Bélgica, Dinamarca, Espanha, Finlândia, França, Holanda, Irlanda, Itália, Noruega, Portugal, Suécia, Reino Unido.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísRelevância da informação financeira Favorável às IFRS

The Role of Firm-Specific Incentives and Country Factors in Explaining Voluntary IAS Adoptions: Evidence from Private Firms

Jere R. Francis, Inder K. Khurana, Xiumin Martin e Raynolde Pereira, 2008

Abstract: This paper investigates voluntary adoptions of International Accounting Standards (IAS) by private enterprises, and builds on prior research which posits that higher quality financial reports through IAS adoption can reduce information asymmetry and facilitate contracting with external parties. Specifically, we pursue the following questions. First, do firm-specific incentives matter in the IAS adoption decision after controlling for country-level institutional factors? Second, does the relative importance of firm vs. country factors vary across institutional settings? Using a sample of 3,722 small and medium-sized private enterprises from 56 countries, we report two primary findings. First, both firm and country factors matter in the voluntary IAS adoption decision. Second, when we focus on sub-samples of countries partitioned by the level of economic development, we find that firm factors dominate country factors in more developed countries, while in less developed countries, country factors dominate firm factors in explaining IAS adoptions. This result is consistent with the argument in Doidge et al. (Journal of Financial Economics, 86(1), pp. 1–39, 2007) that firm incentives are more important in explaining governance choices (including accounting) in more developed countries where the benefits from better governance are more likely to exceed the attendant costs. Collectively, our results suggest that less developed countries can enhance the benefits from IAS adoptions by developing institutions which facilitate private contracting.

Amostra: Albânia, Alemanha, Argentina, Azerbaijão, Bangladesh, Bielorrússia, Belize, Bolívia, Bósnia, Brasil, Bulgária, Cazaquistão, Chile, China, Colômbia, Costa Rica, Croácia, El Salvador, Equador, Eslováquia, Eslovénia, Espanha, Estónia, Filipinas, França, Geórgia, Guatemala, Haiti, Honduras, Hungria, India, Indonésia, Itália, Lituânia, Malásia, México, Moldávia, Nicarágua, Paquistão, Panamá, Perú, Polónia, Portugal, Rep. Checa, Rep. Dominicana, Roménia, Rússia, Singapura, Suécia, Tailândia, Trinidade e Tobago, Turquia, Ucrânia, Uruguai, Uzbequistão, Venezuela.

AssuntoAmostraObjecto de estudoResultado
Indutores da adoção voluntária das IFRSMulti-paísFatores específicos à empresa e fatores contextuais que influenciam a adoção

Earnings management under German GAAP versus IFRS

Brenda van Tendeloo e Ann Vanstraelen, 2005

Abstract: From 2005, over 7,000 listed firms in the European Union and many more around the world are required to adopt International Financial Reporting Standards (IFRS). The introduction of a uniform accounting regime is expected to ensure greater comparability and transparency of financial reporting around the world. However, recent research has questioned the quality of financial statements prepared under IFRS standards, particularly in the presence of weak enforcement mechanisms and adverse reporting incentives (Ball et al. , 2003). In this paper, we assess the quality of the financial statements of Austrian, German and Swiss firms which have already adopted internationally recognized standards (IFRS or U.S. GAAP). The study makes use of available disclosure quality scores extracted from detailed analyses of annual reports by reputed accounting scholars (‘experts’). This work complements other contemporary research on the quality of IFRS financial statements where the properties of earnings are used as an evaluation metric (Barth et al., 2005). Our evidence shows that disclosure quality has increased significantly under IFRS in the three European countries we analyze. This result holds not only for firms which have voluntarily adopted IFRS or U.S. GAAP, but also for firms which mandatorily adopted such standards in response to the requirements of specific stock market segments. Although we cannot establish direct causality due to the inherent self-selection issues for most of our sample firms, the evidence shows that the quality of financial reports has increased significantly with the adoption of IFRS.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPAlemanhaGestão dos resultadosFavorável às IFRS

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Journal of Accounting and Economics é uma revista publicada pela Elsevier, que privilegia investigação que utiliza a teoria económica para explicar os fenómenos da área da contabilidade. Os editores são R. L. Watts, da Massachusetts Institute of Technology, EUA, J. L. Zimmerman, da Universidade de Rochester, EUA, R. W. Holthausen, da Universidade da Pennsylvania, EUA, S. P. Kothari, da Massachusetts Institute of Technology, EUA, J. Core, da Massachusetts Institute of Technology, EUA, M. Hanlon, da Massachusetts Institute of Technology, EUA e W. R. Guay, da Universidade da Pennsylvania, EUA. O fator de impacto relativo a 2011 é 3,281.


Are IFRS-based and US GAAP-based accounting amounts comparable?

Mary E. Barth, Wayne R. Landsman, Mark Lang e Christopher, 2012

Abstract: This study examines whether application of IFRS by non-US firms results in accounting amounts comparable to those resulting from application of US GAAP by US firms. IFRS firms have greater accounting system and value relevance comparability with US firms when IFRS firms apply IFRS than when they applied domestic standards. Comparability is greater for firms that adopt IFRS mandatorily, firms in common law and high enforcement countries, and in more recent years. Earnings smoothing, accrual quality, and timeliness are potential sources of the greater comparability. Although application of IFRS has enhanced financial reporting comparability with US firms, significant differences remain.

Amostra:Austrália, Áustria, Bélgica, Canadá, República Checa, Dinamarca, Finlândia, França, Alemanha, Grécia, Hong Kong, Hungria, Irlanda, Israel, Itália, Holanda, Noruega, Perú, Filipinas, Portugal, Singapura, África do Sul, Espanha, Suécia, Suíça, Turquia, Reino Unido.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísComparabilidade da informação financeiraFavorável às IFRS

The impact of mandatory IFRS adoption on foreign mutual fund ownership: The role of comparability

Mark DeFond, Xuesong Hu, e Siqi Li, 2011

Abstract: Proponents of IFRS argue that mandating a uniform set of accounting standards improves financial statement comparability that in turn attracts greater cross-border investment. We test this assertion by examining changes in foreign mutual fund investment in firms following mandatory IFRS adoption in the European Union in 2005. We measure improved comparability as a credible increase in uniformity, defined as a large increase in the number of industry peers using the same accounting standards in countries with credible implementation. Consistent with this assertion, we find that foreign mutual fund ownership increases when mandatory IFRS adoption leads to improved comparability.

Amostra: Alemanha, Áustria, Bélgica, Canadá, Coreia, Dinamarca, Espanha, EUA, Finlândia, França, Grécia, Holanda, India, Indonésia, Irlanda, Itália, Japão, Malásia, Paquistão, Portugal, Reino Unido, Suécia, Tailândia, Taiwan.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísComparabilidade da informação financeiraFavorável às IFRS

The market valuation of IAS versus US-GAAP accounting measures using Form 20-F reconciliations

Mary S. Harris e Karl A. Muller III, 1999

Abstract: We investigate the market valuation of earnings and book value amounts prepared under IAS and US-GAAP to provide evidence for the debate between the US SEC and NYSE on whether foreign firms should be allowed to list in the US using IAS. We find that the US-GAAP earnings reconciliation adjustment is value-relevant and that USGAAP amounts are valued differently for market value and return models, but not a price-per-share model. We also find that IAS amounts are more highly associated with price-per-share than US-GAAP amounts, and that US-GAAP amounts are more highly associated with security returns than IAS amounts.

Amostra: Austrália, Bermudas, Canadá, China, Colômbia, Finlândia, França, Israel, Itália, Luxemburgo, México, Holanda, Portugal.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísRelevância da informação financeira Misto

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Journal of Accounting and Public Policy é uma revista publicada pela Elsevier, que privilegia investigação que se debruça sobre a interseção da contabilidade e da política pública. Os editores são Lawrence A. Gordon, daUniversidade de Maryland, EUA e Martin Loeb, da Universidade de Maryland, EUA. O fator de impacto relativo a 2011 é 1,048.


Do earnings reported under IFRS tell us more about future earnings and cash flows?

T.J. Atwood, Michael S. Drake, James N. Myers e Linda A. Myers, 2011

Abstract: We contribute to the debate about the relative benefits and costs of International Financial Reporting Standards (IFRS) adoption by examining whether earnings persistence and the association between current accounting earnings and future cash flows differ for firms reporting under IFRS versus firms reporting under United States Generally Accepted Accounting Principles (U.S. GAAP) and firms reporting under non-U.S. domestic accounting standards (DAS). Using samples comprised of 58,832 firm-year observations drawn from 33 countries from 2002 through 2008, we find that positive earnings reported under IFRS are no more or less persistent than earnings reported under U.S. GAAP but losses reported under IFRS are less persistent than losses reported under U.S. GAAP. Moreover, we find that earnings reported under IFRS are no more or less persistent and are no more or less associated with future cash flows than earnings reported under non-U.S. DAS. However, we find that earnings reported under U.S. GAAP are more closely associated with future cash flows than earnings reported under IFRS. This is important if a key role of reported earnings is to help investors form expectations about future cash flows. These results should be of interest to academics and standard-setters as they debate the merits of transitioning to IFRS, and to parties who use reported earnings to form expectations about future earnings and cash flows.

Amostra:África do Sul, Alemanha, Austrália, Áustria, Bélgica, Brasil, Canadá, Chile, Coreia, Dinamarca, Espanha, EUA, Filipinas, Finlândia, França, Grécia, Holanda, Hong Kong, India, Indonésia, Irlanda, Itália, Japão, Malásia, México, Noruega, Nova Zelândia, Reino Unido, Singapura, Suécia, Suíça, Tailândia, Taiwan.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísAssociação entre resultado corrente e fluxos de caixa futurosDesfavorável às IFRS

Differences between domestic accounting standards and IAS: Measurement, determinants and implications

Yuan Ding, Ole-Kristian Hope, Thomas Jeanjean e Hervé Stolowy, 2007

Abstract: This study analyzes determinants and effects of differences between Domestic Accounting Standards (DAS) and International Accounting Standards (IAS). We use an extensive list of differences between DAS and IAS to create two indices, absence and divergence. Absence measures the extent to which the rules regarding certain accounting issues are missing in DAS but are covered in IAS. Divergence applies in circumstances where the rules regarding the same accounting issue differ in DAS and IAS. It measures the extent of differences between DAS-based rules and IAS-based rules. Using a sample of 30 countries for 2001, we show that absence is (mainly) determined by the importance of the equity market and ownership concentration, while divergence is positively associated with the level of economic development and the importance of the accounting profession, but is constrained by the importance of equity markets. Our analysis suggests that a higher level of absence implies more opportunities for earnings management and for decreases in firm-specific information to investors. A larger divergence from IAS is associated with richer firm-specific information in capital markets.

Amostra:África do Sul, Alemanha, Austrália, Áustria, Bélgica, Canadá, China, Dinamarca, Espanha, EUA, Filipinas, Finlândia, França, Grécia, Holanda, Hong Kong, Índia, Indonésia, Irlanda, Itália, Japão, Malásia, Noruega, Paquistão, Portugal, Reino Unido, Rep. Coreia, Singapura, Suécia, Tailândia, Taiwan.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísÍndices de ausência e divergência

The valuation properties of earnings and book value prepared under US GAAP in Chile and IAS in Peru

Gordian A. Ndubizu e Maria H. Sanchez, 2006

Abstract: The worldwide trend toward integration of capital markets heightens the debate on whether international accounting standards (IAS) and US generally acceptable accounting principles (GAAP) are equivalent accounting regimes for cross-border listings. The Securities and Exchange Commission (SEC) operates from the premise that IAS falls below the threshold and mandated reconciliation from IAS to US GAAP. A major concern is that reconciling the IAS accounting numbers to US GAAP when the underlying contracts are formulated based on IAS results in assessment noise in the Ndubizu and Wallace [Ndubizu, G.A., Wallace, R.S., 2003. Contracts valuation assessment noise and cross-border listing of equities on US and UK stock markets. The International Journal of Accounting 38, 397–420] sense. We examine the valuation properties of US GAAP in Chile and IAS in Peru in which contracts and their representation in the financial statements are based on the same GAAP to minimize the likelihood of assessment noise. We find that earnings and book value are value relevant in the two accounting regimes. However, US GAAP as applied in Chile is more value relevant than IAS applied in Peru. The results are robust to alternative specifications, including controlling for cross-sectional and inflation-induced scale effects present in level regressions, tax– book alignment, and other country-specific factors. Further, the results of the study provide evidence that US GAAP is more timely, conservative, and informative about the expected future normal earnings for loss firms than IAS in emerging economies.

Amostra:Chile, Perú.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísRelevância da informação financeira Desfavorável às IFRS

The value relevance of IAS reconciliation components: empirical evidence from Finland

Jyrki Niskanen, Juha Kinnunen e Eero Kasanen, 2000

Abstract: This paper examines the value relevance of Local Accounting Standards (LAS) earnings and their voluntarily disclosed reconciliations to the International Accounting Standards (IAS). The empirical evidence is from Finland where, as discussed in our paper, restricted shares (available only to domestic investors) and unrestricted shares (available to both foreign and domestic investors) were listed separately during 1984-1992. The findings suggest that LAS earnings have significant value relevance to both domestic and foreign investors. After controlling for LAS earnings, the aggregate reconciliation of LAS to IAS earnings does not provide significant value relevance to either investor group. Tests of the individual reconciling items suggest that adjustments relating to untaxed reserves and consolidation differences have significant value relevance to both domestic and foreign investors. Overall, our findings indicate little difference between these investor groups with respect to the value relevance of LAS earnings and their reconciliations to IAS.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPFinlândiaRelevância da informação financeira Desfavorável às IFRS

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O Journal of Accounting Research é publicado pela Wiley-Blackwell em nome do Accounting Research Center da Booth School of Business da Universidade de Chicago, EUA. Os editores são Philip G. Berger, Christian Leuz e Douglas J. Skinner, todos da Universidade de Chicago, EUA. O fator de impacto relativo a 2011 é 2,378.


Mandatory IFRS Adoption and the Contractual Usefulness of Accounting Information in Executive Compensation

Neslihan Ozkan, Zvi Singer e Haifeng You, 2012

Abstract: We examine how the mandatory adoption of International Financial Reporting Standards (IFRS) in continental Europe affects the contractual usefulness of accounting information in executive compensation, as reflected in pay-performance sensitivity (PPS) and relative performance evaluation (RPE). The empirical evidence indicates a weak increase in accounting-based PPS in the post-adoption period, primarily driven by countries with large differences between IFRS and their previously adopted local accounting standards. We also document a significant increase in accounting-based RPE using foreign peers after the adoption. Additional analysis shows that the increase in RPE is greater for firms with more foreign sales, and for those with lower availability of domestic peers of comparable size. The overall results are consistent with the compensation committees in those countries perceiving earnings after IFRS adoption to be of higher quality and comparability. Our paper highlights an important benefit of IFRS largely ignored by the literature, that is, the higher earnings quality and comparability brought by the adoption of IFRS facilitate executive compensation contracting.

Amostra:Alemanha, Áustria, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Irlanda, Itália, Luxemburgo, Noruega, Portugal, Suécia.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísUtilidade da informação financeiraFavorável às IFRS

The Effect of Mandatory IFRS Adoption on Financial Analysts’ Information Environment

Donal Byard, Ying Li e Yong Yu, 2011

Abstract: This paper examines the effect of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European Union on financial analysts’ information environment. To control for the effect of confounding concurrent events, we use a control sample of firms that had already voluntarily adopted IFRS at least two years prior to the mandatory adoption date. We find that analysts’ absolute forecast errors and forecast dispersion decrease relative to this control sample only for those mandatory IFRS adopters domiciled in countries with both strong enforcement regimes and domestic accounting standards that differ significantly from IFRS. Furthermore, for mandatory adopters domiciled in countries with both weak enforcement regimes and domestic accounting standards that differ significantly from IFRS, we find that forecast errors and dispersion decrease more for firms with stronger incentives for transparent financial reporting. These results highlight the important roles of enforcement regimes and firm-level reporting incentives in determining the impact of mandatory IFRS adoption.

Amostra:Alemanha, Áustria, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Hungria, Irlanda, Itália, Luxemburgo, Noruega, Polónia, Portugal, Reino Unido, Rep. Checa, Suécia, Suíça.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísErros de previsão de analistas financeiros e sua dispersãoFavorável às IFRS

Analyst Following and Forecast Accuracy After Mandated IFRS Adoptions

Hongping Tan, Shiheng Wang e Michael Welker, 2011

Abstract: This study investigates how accounting harmonization affects one particular group of financial statement users – financial analysts. We find that mandatory International Financial Reporting Standards (IFRS) adoption attracts foreign analysts, particularly those from countries that are simultaneously adopting IFRS along with the covered firm’s country and those with prior IFRS experience. We also find that mandatory IFRS adoption improves foreign analysts’ forecast accuracy. The change in analyst following increases with the distance between prior local Generally Accepted Accounting Principles (GAAP) and IFRS and with the extent to which IFRS adoption eliminates GAAP differences between the firm’s country and the analyst’s country. IFRS adoption also attracts more local analysts, particularly those with prior IFRS experience and with an international portfolio prior to mandated IFRS adoption in their home country. Local analysts’ forecast accuracy is not affected by IFRS adoption. Overall, our results suggest that accounting harmonization brings comparability benefits that enhance the usefulness of accounting data.

Amostra: África do Sul, Alemanha, Austrália, Áustria, Bélgica, Dinamarca, Espanha, Filipinas, Finlândia, França, Grécia, Hong Kong, Hungria, Holanda, Irlanda, Itália, Luxemburgo, Noruega, Polónia, Portugal, Reino Unido, Rep. Checa, Singapura, Suécia, Suiça.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísAtração de analistas financeiros estrangeiros; precisão das previsões dos analistasFavorável às IFRS

Timing Equity Issuance in Response to Information Asymmetry Arising from IFRS Adoption in Australia and Europe

Hiheng Wang e Michael Welker, 2011

Abstract: This study examines the association between changes in reported financial performance resulting from mandatory adoption of International Financial Reporting Standards (IFRS) and equity issuance during the transition period leading up to IFRS adoption for listed firms in Australia and Europe. We hypothesize that firms affected by the accounting standards change strategically time equity issuance around the time the firm discloses the effects of IFRS adoption on reported financial performance. We document circumstances where market returns are associated with the reconciliation of net income between local GAAP and IFRS. We find that a firm’s likelihood of equity issuance and equity issue size during the three years prior to the IFRS reconciliation disclosure are negatively associated with the unexpected change in net income resulting from the conversion to IFRS.

Amostra: Alemanha, Austrália, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Irlanda, Itália, Noruega, Portugal, Reino Unido, Suécia.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísAumento de capital

Do IFRS Reconciliations Convey Information? The Effect of Debt Contracting

Hans B. Christensen, Edward Lee e Martin Walker, 2009

Abstract: We examine whether earnings reconciliation from U.K. generally accepted accounting principles (GAAP) to International Financial Reporting Standards (IFRS) convey information. As a result of debt contracting, mandatory accounting changes are expected to affect the likelihood of violating existing covenants based on rolling GAAP, leading to a redistribution of wealth between shareholders and lenders. Consistent with this prediction, we find significant market reactions to IFRS reconciliation announcements. These market reactions are more pronounced among firms that face a greater likelihood and costs of covenant violation and early announcements. While the association between later announcements and weaker market reactions is consistent with contractual implications of technical changes to earnings, which investors quickly learn to predict, it is inconsistent with IFRS forcing all firms in the sample to reveal firm-specific information through accruals. Thus, by showing that mandatory IFRS also affects debt contracting, we expand on existing IFRS research that focuses on how accounting quality and cost of capital are impacted.

AssuntoAmostraObjecto de estudoResultado
Processo de transição para as IFRSReino UnidoReação do mercado de capitais

International Accounting Standards and Accounting Quality

Mary E. Barth, Wayne R. Landsman e Mark H. Lang, 2008

Abstract: We examine whether application of International Accounting Standards (IAS) is associated with higher accounting quality. The application of IAS reflects combined effects of features of the financial reporting system, including standards, their interpretation, enforcement, and litigation. We find that firms applying IAS from 21 countries generally evidence less earnings management, more timely loss recognition, and more value relevance of accounting amounts than do matched sample firms applying non-U.S. domestic standards. Differences in accounting quality between the two groups of firms in the period before the IAS firms adopt IAS do not account for the post-adoption differences. Firms applying IAS generally evidence an improvement in accounting quality between the pre- and post-adoption periods. Although we cannot be sure our findings are attributable to the change in the financial reporting system rather than to changes in firms’ incentives and the economic environment, we include research design features to mitigate effects of both.

Amostra: África do Sul, Alemanha, Austrália, Áustria, Bélgica, China, Dinamarca, Espanha, Rússia, Finlândia, Grécia, Hong Kong, Hungria, Polónia, Portugal, Reino Unido, Rep. Checa, Singapura, Suécia, Suíça, Turquia.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísGestão de resultadosrelevância da informação financeira, tempestividade do reconhecimento de perdassFavorável às IFRS

Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences

Holger Daske, Luzi Hail, Christian Leuz e Rodrigo Verdi, 2008

Abstract: This paper examines the economic consequences of mandatory International Financial Reporting Standards (IFRS) reporting around the world. We analyze the effects on market liquidity, cost of capital, and Tobin’s q in 26 countries using a large sample of firms that are mandated to adopt IFRS. We find that, on average, market liquidity increases around the time of the introduction of IFRS. We also document a decrease in firms’ cost of capital and an increase in equity valuations, but only if we account for the possibility that the effects occur prior to the official adoption date. Partitioning our sample, we find that the capital-market benefits occur only in countries where firms have incentives to be transparent and where legal enforcement is strong, underscoring the central importance of firms’ reporting incentives and countries’ enforcement regimes for the quality of financial reporting. Comparing mandatory and voluntary adopters, we find that the capital market effects are most pronounced for firms that voluntarily switch to IFRS, both in the year when they switch and again later, when IFRS become mandatory. While the former result is likely due to self-selection, the latter result cautions us to attribute the capital-market effects for mandatory adopters solely or even primarily to the IFRS mandate. Many adopting countries make concurrent efforts to improve enforcement and governance regimes, which likely play into our findings. Consistent with this interpretation, the estimated liquidity improvements are smaller in magnitude when we analyze them on a monthly basis, which is more likely to isolate IFRS reporting effects.

Amostra: Argentina, África do Sul, Alemanha, Austrália, Áustria, Bélgica, Bermudas, Brasil, Canadá, Chile, China, Colômbia, Coreia do Sul, EUA, Dinamarca, Egipto, Espanha, Filipinas, Finlândia, França, Grécia, Holanda, Hong Kong, Hungria, Índia, Indonésia, Irlanda, Israel, Itália, Luxemburgo, Japão, Malásia, México, Marrocos, Noruega, Nova Zelândia, Paquistão, Perú, Polónia, Portugal, Reino Unido, Rep. Checa, Rússia, Singapura, Sri Lanka, Suécia, Suíça, Tailândia, Taiwan, Turquia, Venezuela.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísLiquidez do mercado; custo do capital; q de TobinFavorável às IFRS

Home Bias, Foreign Mutual Fund Holdings, and the Voluntary Adoption of International Accounting Standards

Vicentiu M. Covrig, Mark L. Defond e Mingyi Hung, 2007

Abstract: We test the assertion that a consequence of voluntarily adopting International Accounting Standards (IAS) is the enhanced ability to attract foreign capital. Using a unique database that reports firm-level holdings of over 25,000 mutual funds from around the world, our multivariate tests find that average foreign mutual fund ownership is significantly higher among IAS adopters. We also find that IAS adopters in poorer information environments and with lower visibility have higher levels of foreign investment, consistent with firms using IAS adoption to provide more information and/or information in a more familiar form to foreign investors. Taken together, our findings are consistent with voluntary IAS adoption reducing home bias among foreign investors and thereby improving capital allocation efficiency.

Amostra: África do Sul, Alemanha, Argentina, Austrália, Áustria, Bélgica, Brasil, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Hong Kong, Índia, Irlanda, Itália, Japão, Malásia, México, Noruega, Nova Zelândia, Portugal, Reino Unido, Singapura, Suécia, Suíça, Tailândia, Taiwan.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísAtração de capital estrangeiroFavorável às IFRS

IAS Versus U.S. GAAP: Information Asymmetry-Based Evidence from Germany's New Market

Christian Leutz, 2003

Abstract: Motivated by the debate about globally uniform accounting standards, this study investigates whether firms using U.S. generally accepted accounting principles (GAAP) vis-à-vis international accounting standards (IAS) exhibit differences in several proxies for information asymmetry. It exploits a unique setting in which the two sets of standards are put on a level playing field. Firms trading in Germany's New Market must choose between IAS and U.S. GAAP for financial reporting, but face the same regulatory environment otherwise. Thus, institutional factors such as listing requirements, market microstructure, and standards enforcement are held constant. In this setting, differences in the bid-ask spread and share turnover between IAS and U.S. GAAP firms are statistically insignificant and economically small. Subsequent analyses of analysts' forecast dispersion, initial public offering underpricing, and firms' standard choices corroborate these findings. Thus, at least for New Market firms, the choice between IAS and U.S. GAAP appears to be of little consequence for information asymmetry and market liquidity. These findings do not support widespread claims that U.S. GAAP produce financial statements of higher informational quality than IAS.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasAlemanhaAssimetria de informação e liquidez de mercado

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Journal of Business Finance and Accounting é uma revista publicada pela Wiley-Blackwell. Os editores são Peter F. Pope, da City University, Reino Unido, Andrew Stark e Martin Walker, ambos da Manchester Business School, Reino Unido. O fator de impacto relativo a 2011 é 0,689.


Disclosure and the Cost of Capital: Evidence from the Market’s Reaction to Firm Voluntary Adoption of IAS

Irene Karamanou e George P. Nishiotis, 2009

Abstract: Using a unique international setting where the effects of disclosure on firm value can be measured in a constant regulatory environment and in isolation of other confounding factors, this paper shows that firms can increase their value through their choice of accounting standards. Specifically, we document strong positive abnormal returns at the announcement of voluntary adoption of International Accounting Standards (IAS / IFRS) by a sample of international firms and an economically significant reduction in long-run returns, consistent with a reduction in the cost of capital. Consistent with these results we also document evidence of an upgrade in analyst recommendations after the IAS / IFRS adoption announcement and a reduction in the implied cost of capital. Finally, we find strong evidence that the documented abnormal returns are consistent with signaling and bonding benefits stemming from the reduction in asymmetric information. Our results highlight the importance of increased disclosure on minority shareholder protection and on corporate governance in general.

Amostra:Áustria, Bélgica, Suiça, Alemanha, Dinamarca, Holanda, Turquia, África do Sul.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísRetornos anormaisFavorável às IFRS

Economic Benefits of Adopting IFRS or US-GAAP – Have the Expected Cost of Equity Capital Really Decreased?

Holger Daske, 2006

Abstract: The question of whether the adoption of International Financial Reporting Standards (IFRS) results in measurable economic benefits is of special interest, particularly in light of the European Union’s adoption of IFRS for listed companies. In this paper, I investigate the common conjecture that internationally recognised financial reporting standards (IAS/ IFRS or US-GAAP) reduce the cost of capital for adopting firms. Building on Leuz and Verrecchia (2000), I use a set of German firms that have adopted such standards and investigate the potential economic benefits of this reporting strategy by analysing their cost of equity capital through the use and customisation of available implied estimation methods. Evidence from the 1993–2002 period fails to document lower expected cost of equity capital for firms applying IAS/IFRS or US-GAAP. During the transition period I analyse, the expected cost of equity capital in fact appear to have rather increased under non-local accounting standards.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasAlemanhaCusto do capitalDesfavorável às IFRS

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O Journal of International Financial Management and Accounting é uma revista publicada pela Wiley-Blackwell, sendo a revista científica oficial da International Association of Accounting and Educational Research. Os editores são Sidney Gray (Universidade de Sydney, Austrália) e Richard Levich (Universidade de Nova Iorque, EUA). O fator de impacto relativo a 2011 é 0,333.


The Impact and Importance of Mandatory Adoption of International Financial Reporting Standards in Europe

François Aubert e Gary Grudnitski, 2011

Abstract: In this paper we report the results of conducting a two-stage analysis on the impact and importance of mandatory adoption of international accounting reporting standards (IFRS) on European Union firms. In the first stage we determined the impact of mandatory adoption of IFRS across 13 countries and twenty industries. This was accomplished by identifying significant differences in return on assets (ROA) for firms computed under IFRS and local, generally accepted accounting principles (LG). Significant positive differences were detected for firms in Belgium, Finland, France, Italy, the Netherlands, Sweden, Switzerland and the United Kingdom: only German and Norwegian firms exhibited a negative average significant difference between ROA calculated using IFRS and LG. Repeating the analysis of differences in ROA on an industry-by-industry basis yielded additional Portuguese and Spanish firms for the second stage of the analysis in which the impact of mandatory IFRS adoption was assessed. Defining impact in terms of market and financial reporting quality, we found a statistically significant relationship between accounting information and market returns for firms in the all-countries-combined sample of 3,530 observations, and in the countries of Belgium, Finland, France, Greece, Italy, the Netherlands, Norway, Sweden and the United Kingdom. Support for the timeliness of accounting information was uncovered for firms in the all-countries-combined sample, and in the countries of Belgium, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden and Switzerland. Finally, evidence to support the proposition that accounting regimes produce quality discretionary accruals was found for firms from the all-countries-combined sample of 3,480 observations and from Finland, Greece, the Netherlands, Sweden and the United Kingdom. When comparing differential accounting information constructed under IFRS and LG, however, few differences could be found. Specifically, there was no statistical support for any of the samples that accounting information produced under IFRS was any more value relevant than the accounting information derived using LG. When our examination shifted to the timeliness of earnings, a positive differential impact between earnings constructed on the basis of IFRS and local accounting standards was detected only for the all-countries combined sample. Finally, the quality of discretionary accruals was shown to be significantly higher under IFRS than LG for firms in Finland, Greece and Sweden.

Amostra:Alemanha, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Itália, Noruega, Portugal, Reino Unido, Suécia, Suíça.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísRelevância da informação financeira, tempestividade, accruals discricionáriosMisto

The Role of International Financial Reporting Standards in Accounting Quality: Evidence from the European Union

Huifa Chen, Qingliang Tang, Yihong Jiang e Zhijun Lin, 2010

Abstract: Previous studies on the effect of International Financial Reporting Standards (IFRS) on accounting quality often have difficulties to control for confounding factors on accounting quality. As a result, the observed changes in accounting quality could not be attributed mainly to IFRS. We use a unique research setting to address this issue by comparing the accounting quality of publicly listed companies in 15 member states of the European Union (EU) before and after the full adoption of IFRS in 2005. We use five indicators as proxies for accounting quality. We find that the majority of accounting quality indicators improved after IFRS adoption in the EU. That is, there is less of managing earnings toward a target, a lower magnitude of absolute discretionary accruals, and higher accruals quality. But our results also show that firms engage in more earnings smoothing and recognize large losses in a less timely manner in post-IFRS periods. In addition, we examine the effects of institutional variables on financial reporting quality. Our contribution to the literature is that we show the improved accounting quality is attributable to IFRS, rather than changes in managerial incentives, institutional features of capital markets, and general business environment, etc.

Amostra:Alemanha, Áustria, Bélgica, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Irlanda, Itália, Luxemburgo, Portugal, Reino Unido, Suécia.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísQualidade da informação financeiraFavorável às IFRS

Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in Europe

Alain Devalle, Enrico Onali e Riccardo Magarini, 2010

Abstract: Since 2005, European-listed companies have been required to prepare their consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS). We examine whether value relevance increased following the introduction of IFRS, using a sample of 3,721 companies listed on five European stock exchanges: Frankfurt, Madrid, Paris, London, and Milan. We find mixed evidence of an increase in value relevance. However, the influence of earnings on share price increased following the introduction of IFRS in Germany, France, and the United Kingdom, while the influence of book value of equity decreased (except for the United Kingdom).

Amostra: Alemanha, Espanha, França, Itália, Reino Unido.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísRelevância da informação financeiraFavorável às IFRS

The Value Relevance of Accounting Income Reported by DAX-30 German Companies

Eva K. Jermakowicz, Jenice Prather-Kinsey e Inge Wulf, 2007

Abstract: International Financial Reporting Standards (IFRS) are required for consolidated financial statements of all European Union (EU) publicly traded companies starting from the December 2005 fiscal year end [Regulation (EC)]; and endorsed by the International Organization of Securities Commission (IOSCO) for its member countries beginning in 2000. We examine the challenges and benefits, including value relevance, of the adoption of IFRS by DAX-30 companies, the German premium stock market. Based on a survey sent to DAX-30 company executives, we find most companies agreeing that implementing IFRS should improve the comparability of financial statements. The complex nature, high cost of adopting and lack of guidance for implementing IFRS, as well as increased volatility of earnings after adopting IFRS, are listed among the most important challenges of conversion to IFRS. We use regression to measure another benefit: the value relevance of book values of earnings and equity in explaining market values of DAX-30 companies during the period 1995–2004. Using 265 observations, we find that adopting IFRS or US Generally Accepted Accounting Principles or cross-listing on the New York Stock Exchange significantly increases the value relevance of earnings relative to market prices.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPAlemanhaRelevância da informação financeiraFavorável às IFRS

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Review of Accounting Studies é uma revista publicada pela Springer. O editor é Richard Sloan, da Universidade da Califórnia, EUA. O fator de impacto relativo a 2011 é 2,022.


IFRS reporting, firm-specific information flows, and institutional environments: international evidence

Jeong-Bon Kim (City University of Hong Kong); Haina Shi (School of Management, Fudan University, People’s Republic of China), 2009

Abstract: This study investigates whether and how a firm’s voluntary adoption of International Financial Reporting Standards (IFRS) influences the extent to which firm-specific information is capitalized into stock prices measured by stock price synchronicity. We also study the role of analyst following and institutional environments in determining the relation between IFRS reporting and synchronicity. Using firm-level data from 34 countries, we find that synchronicity is significantly lower for IFRS adopters than for non-adopters across all regression specifications and that for IFRS adopters it decreases from the pre-adoption period to the post-adoption period. This finding supports the view that voluntary IFRS adoption facilitates the incorporation of firm-specific information into stock prices, thereby reducing synchronicity. We also find that the synchronicity-reducing effect of IFRS adoption is attenuated (accentuated) for firms with high (low) analyst following and is stronger (weaker) for firms in countries with poor (good) institutional environments.

Amostra: África do Sul, Alemanha, Argentina, Austrália, Áustria, Bélgica, Brasil, Dinamarca, Espanha, Finlândia, França, Grécia, Holanda, Hong Kong, Hungria, Índia, Irlanda, Itália, Japão, Luxemburgo, Malásia, México, Noruega, Nova Zelândia, Polónia, Portugal, Rep. Checa, Reino Unido, Rússia, Singapura, Suécia, Suíça, Tailândia, Taiwan.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísSincronicidadeFavorável às IFRS

The voluntary adoption of International Financial Reporting Standards and loan contracting around the world

Jeong-Bon Kim (City University of Hong Kong); Judy S. L. Tsui (Hong Kong Polytechnic University); Cheong H. Yi (Hong Kong Polytechnic University)., 2011

Abstract: Using a sample of non-U.S. borrowers from 40 countries during 1997 through 2005, this paper investigates the effect of the voluntary adoption of International Financial Reporting Standards (IFRS) on price and non-price terms of loan contracts and loan ownership structure in the international loan market. Our results reveal the following. First, banks charge lower loan rates to IFRS adopters than to non-adopters. The difference in loan rates in excess of a benchmark rate between the two groups is about 20 basis points for all loans and nearly 31 basis points for London Interbank Offered Rate (LIBOR)-based loans. Second, banks impose more favorable non-price terms on IFRS adopters, particularly less restrictive covenants. We also provide evidence suggesting that banks are more willing to extend credit to IFRS adopters through larger loans and longer maturities. Finally, IFRS adopters attract significantly more foreign lenders participating in loan syndicates than non-adopters.

Amostra: Argentina, Austrália, Áustria, Bélgica, Brasil, Canadá, Chile, China, República Checa, Dinamarca, Finlândia, França, Alemanha, Grécia, Hong Kong, Hungria, India, Indonésia, Israel, Itália, Japão, Coreia, Malásia, México, Holanda, Noruega, Nova Zelândia, Paquistão, Filipinas, Portugal, Federação Russa, Singapura, África do Sul, Espanha, Suécia, Suiça, Taiwan, Tailândia, Turquia, Reino Unido.

AssuntoAmostraObjecto de estudoResultado
Consequências económicasMulti-paísContratos de dívidaFavorável às IFRS

Market reaction to and valuation of IFRS reconciliation adjustments: first evidence from the UK

Joanne Horton e George Serafeim, 2010

Abstract: We investigate the market reaction to, and the value-relevance of, information contained in the mandatory transitional documents required by International Financial Reporting Standards 1 (2005). We find significant negative abnormal returns for firms reporting negative earnings reconciliation. Although the informational content of the positive earnings adjustments is value-relevant before disclosure, for negative earnings adjustments it is value-relevant only after disclosure. This finding is consistent with managers delaying the communication of bad news until IFRS compliance. A finer model shows that adjustments attributed to impairment of goodwill, share-based payments, and deferred taxes are incrementally value-relevant but that only the impairment of goodwill and deferred taxes reveal new information. Our results indicate that mandatory IFRS adoption alters investors’ beliefs about stock prices.

AssuntoAmostraObjecto de estudoResultado
Processo de transição para as IFRSReino UnidoReação do mercado de capitais; relevância da informação financeiraFavorável às IFRS

Financial statement effects of adopting international accounting standards: the case of Germany

Mingyi Hung e K. R. Subramanyam, 2007

Abstract: Using a sample of German firms, we investigate the financial statement effects of adopting International Accounting Standards (IAS) during 1998 through 2002. We find that total assets and book value of equity, as well as variability of book value and income, are significantly higher under IAS than under German GAAP (HGB). In addition, book value and income are no more value relevant under IAS than under HGB, and HGB (IAS) income is highly persistent (transitory). Finally, we find weak evidence that IAS income exhibits greater conditional conservatism than HGB income. Our results are consistent with the fair-value (income smoothing) orientation of IAS (HGB).

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPAlemanhaMontantes contabilísticos

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Spanish Journal of Finance and Accounting é uma revista da Asociación Española de Contabilidad y Administración de Empresas. Os editores são José António Gonzalo Angulo, da Universidade de Alcalá, e Araceli Mora Enguidanos, da Universidade de Valencia, Espanha. O fator de impacto relativo a 2011 é 0,128.


Conservatism of earnings reported under International Accounting Standards: A comparative study

Juan Manuel García Lara, Juan Antonio Rueda Torres e Pablo J. Vázquez Veira, 2008

Abstract: In this study we analyse whether the use of IASB standards affects the conservatism of earnings of the firms that adopt them. We compare the conservatism of firms by groups of firms/countries using or not IAS. Our results show that 1) Earnings conservatism is, as pointed out in prior research, more pronounced in common-law-based developed economies; 2) The voluntary use of IASB standards in Europe (prior to 2005) has significantly increased the measures of earnings conservatism in adopting firms, and 3) The use of IAS fails to improve the relevance and reliability of accounting information in emerging/developing countries, where enforcement and investor protection is low.

Amostra: Austrália, Áustria, Bélgica, Canadá, França, Alemanha, Hong Kong, Itália, Japão, Malásia, Holanda, Nova Zelândia, Singapura, África do Sul, Espanha, Suiça, Taiwan, Tailândia, Reino Unido, EUA, Outros países.

AssuntoAmostraObjecto de estudoResultado
IFRS versus Local GAAPMulti-paísConservantismo

Características de las empresas europeas que aplican las normas del IASC: Evidencia empírica de cara al debate regulador en la nueva fase de armonización contable

María Antonia García Benau e Ana Zorio Grima, 2002

Abstract: IEste trabajo examina las características de una muestra de empresas de la Unión Europea que elaboran sus estados financieros de acuerdo con la normativa del International Accounting Standards Committee (IASC). El objetivo de este estudio es proporcionar una predicción de la aplicación de la reciente propuesta contenida en el documento de la Comisión titulado «Plan de acción para Mejorar el Mercado Único de Servicios Financieros». Esta propuesta consiste en proporcionar a las empresas europeas la opción de aplicar las normas del IASC al confeccionar sus cuentas anuales. De ecte modo, el objetivo de este artículo es aislar los determinantes que conducen a las empresas europeas a aplicar las Normas Internacionales de Contabilidad (NIC) y contribuir así al debate regulador. Nuestro análisis nos proporciona evidencia empírica sobre los factores que hacen que las empresas europeas apliquen la normativa internacional de forma voluntaria. De las siete hipótesis consideradas inicialmente, dos han sido determinantes para explicar la aplicación de las NIC (tamaño de la empresa y porcentaje de exportación), obteniéndose resultados significativos para estas variables en todos los contrastes realizados. La aportación más relevante de este trabajo la encontramos en la discusión de los resultados y las sugerencias que se plantean con miras al actual debate regulador.

Amostra: Alemanha, Dinamarca, França, Finlândia, Itália, Suécia.

AssuntoAmostraObjecto de estudoResultado
Indutores da adoção das IFRSMulti-paísFatores que influenciam a adoção das IFRS

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