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Effects Of Adoption Of International Financial Reporting Standards
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Book Synopsis The German Financial System by : Jan Pieter Krahmen (editor)
Download or read book The German Financial System written by Jan Pieter Krahmen (editor) and published by . This book was released on 2004 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a team of scholars, predominantly from the Centre for Financial Studies in Frankfurt, this volume provides a descriptive survey of the present state of the German financial system and a new analytical framework to explain its workings.
Book Synopsis Effects of Adoption of International Financial Reporting Standards by : Wai Ling Yap
Download or read book Effects of Adoption of International Financial Reporting Standards written by Wai Ling Yap and published by . This book was released on 2007 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Financial Reporting Standards (IFRS) is said to produce higher quality accounting information, greater comparability of accounts, greater consistency of accounting processes, greater transparency between firms and lower costs of capital. However, there are arguments against the adoption of IFRS. The first objective of this study is to examine the accounting quality of IFRS earnings and equity, compared to the accounting quality of earnings and equity prepared under previous standards; that is GAAP (Generally Accepted Accounting Principles) for United Kingdom, Hong Kong, and Singapore firms. The second objective is to investigate the effect of IFRS on the accounts (earnings and equity) of the average listed firm in United Kingdom, Hong Kong and Singapore. These three countries are chosen because of their comparable historical Anglo-accounting system roots, but deviations in approaches during the accounting standards harmonization era. This study focuses on the initial adoption of IFRS, which is the most appropriate time to measure and fully capture the impact of the changes of accounting standards from GAAP to IFRS. The reason for this is because IFRS 1 First Time Adoption of International Financial Accounting Standards states that firms have to show reconciliations between previous GAAP and IFRS on (a) equity at the date of transition and the end of the latest period presented in the entity's most recent annual financial statements under GAAP, and (b) profit or loss of the latest period of the entity's most recent annual financial statements, with supplementary explanations necessary for understanding the transition. The results of this study shows the accounts of United Kingdom firms are most affected by the adoption of IFRSs when compared to Hong Kong and Singapore firms. Results also reveal that there is little evidence to conclude that financial statements prepared under IFRS are more market value relevant than financial statements prepared under GAAP.There is also little evidence to conclude that financial statements prepared under IFRSs are incrementally value relevant relative to financial statements prepared under GAAP. The conclusions are that countries that historically chose their GAAPs on selective IASs prior to the adoption of IFRSs were less affected by adjustments to companies equity and earnings. But these adjustments, even in the less harmonized companies in the United Kingdom, were not value relevant to the equity market.
Book Synopsis Economics and Political Implications of International Financial Reporting Standards by : Efobi Uchenna
Download or read book Economics and Political Implications of International Financial Reporting Standards written by Efobi Uchenna and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Financial Reporting Standards (IFRS) are internationally-recognized financial reporting guidelines regulated by the International Accounting Standards Board (IASB) to ensure that uniformity exists in the global financial system. In addition to regulating financial reporting, the adoption of IRFS has been shown to impact the flow of foreign capital and trade. Economics and Political Implications of International Financial Reporting Standards focuses on the consequences and determinants of the adoption of the International Financial Reporting Standard (IFRS), which has remained a top issue in International Accounting. This timely publication brings to the forefront issues related to the political and economic influences and impacts of IFRS in addition to providing a platform for further research in this area. Policy makers, academics, researchers, graduate-level students, and professionals across the fields of management, economics, finance, international relations, and political science will find this publication pertinent to furthering their understanding of financial reporting at the global level.
Book Synopsis The Impact of the Adoption of International Financial Reporting Standards on the Quality of Accounting Information of the Brazilian and European Public Firms by : Edilson Paulo
Download or read book The Impact of the Adoption of International Financial Reporting Standards on the Quality of Accounting Information of the Brazilian and European Public Firms written by Edilson Paulo and published by . This book was released on 2013 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several factors affect the quality of accounting information, such as characteristics of the firm, practices and procedures adopted in the elaboration of the financial statements, corporative governance system, capital market, regulation, among others. Among these factors, it is noteworthy the influence of the accounting standards about the quality of the numbers reported by the firms. Since 2005, the European companies elaborated their consolidated financial statements according to the International Financial Reporting Standards (IFRS), while in Brazil, the process of convergence of national accounting standards to IFRS was promoted just after the approval of the Law no 11.638/07, therefore, after that, the Comitê de Pronunciamentos Contábeis (CPC) approved various Technical Pronouncements which aimed to facilitate the convergence of Brazilian accounting standards to these international rules. Considering that these international accounting standards have a higher quality, it is expected that the IFRS adoption affect positively accounting information quality. Thus, this research aims to analyze the effect of the IFRS adoption in the earnings quality reported by the Brazilian and European public firms, in the period between 2000 and 2011, considering that previous research did not showed a consensus about this topic. Empirical technical models, such as persistence, conservatism, earnings management and accruals errors, were used to reach the proposed objective. The results showed that the quality of accounting information has not significantly improved comparing the period before and after the adoption of the IFRS in Brazil or Europe.
Book Synopsis IFRS in a Global World by : Didier Bensadon
Download or read book IFRS in a Global World written by Didier Bensadon and published by Springer. This book was released on 2016-05-13 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, dedicated to Prof. Jacques Richard, is about the economic, political, social and even environmental consequences of setting accounting standards, with emphasis on those that are alleged to be precipitated by the adoption and implementation of IFRS. The authors offer their reasoned critiques of the effectiveness of IFRS in promoting genuine global comparability of financial reporting. The editors of this collection have invited authors from 17 countries, so that a great variety of accounting, auditing and regulatory cultures, and educational perspectives, is amply on display in their essays.
Book Synopsis International Financial Reporting Standards Implementation by : Mohammad Nurunnabi
Download or read book International Financial Reporting Standards Implementation written by Mohammad Nurunnabi and published by Emerald Group Publishing. This book was released on 2021-08-23 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributions to International Accounting aims to address a vital gap in research by focusing on providing relevant and timely studies on International Financial Reporting Standards implementation for local and international policymakers.
Book Synopsis Effects and Implications of Kazakhstan's Adoption of International Financial Reporting Standards by : Oksana Kim
Download or read book Effects and Implications of Kazakhstan's Adoption of International Financial Reporting Standards written by Oksana Kim and published by Columbia University Press. This book was released on 2017-02-21 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: ?Despite having an underdeveloped supporting infrastructure and limited resources, Kazakhstan was the first CIS country to require international financial reporting standards in 2004 for banks, and in 2005 for all public companies. What were the economic consequences of this important reform? In the 1990s, Kazakhstan’s capital market reforms mirrored those of Russia due to the two countries’ cooperating mode driven by a high level of resource interdependence and environmental uncertainty, following the collapse of the Soviet Union. Yet, by 2003, dependence on external donors (the IMF, World Bank) took precedence over interdependence with Russia. As a result, Kazakhstan unilaterally proceeded with adoption of IFRS, while Russia backed up from this initiative. This study reports that Kazakhstan’s inflow of foreign direct investments was the greatest among the CIS nations following the adoption of IFRS. In addition, in 2005–11, Kazakhstani public firms’ reporting quality was higher than that of the Russian public firms operating in a similar environment but exempt from the IFRS reporting requirement. Kazakhstan was the first CIS nation to repay its external debt ahead of schedule and to receive an investment grade from Moody’s rating agency. The book concludes that Western-style capital market reforms—in this emerging market with a not-so-distant communist past—had significantly positive outcomes.?
Book Synopsis Economics and Political Implications of International Financial Reporting Standards by : Uchenna, Efobi
Download or read book Economics and Political Implications of International Financial Reporting Standards written by Uchenna, Efobi and published by IGI Global. This book was released on 2016-03-08 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Financial Reporting Standards (IFRS) are internationally-recognized financial reporting guidelines regulated by the International Accounting Standards Board (IASB) to ensure that uniformity exists in the global financial system. In addition to regulating financial reporting, the adoption of IRFS has been shown to impact the flow of foreign capital and trade. Economics and Political Implications of International Financial Reporting Standards focuses on the consequences and determinants of the adoption of the International Financial Reporting Standard (IFRS), which has remained a top issue in International Accounting. This timely publication brings to the forefront issues related to the political and economic influences and impacts of IFRS in addition to providing a platform for further research in this area. Policy makers, academics, researchers, graduate-level students, and professionals across the fields of management, economics, finance, international relations, and political science will find this publication pertinent to furthering their understanding of financial reporting at the global level.
Book Synopsis Potential Benefits And Limitation Of Adopting The IFRS For Germany by : Marvin Müller
Download or read book Potential Benefits And Limitation Of Adopting The IFRS For Germany written by Marvin Müller and published by GRIN Verlag. This book was released on 2016-02-02 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2016 in the subject Business economics - Accounting and Taxes, grade: 81%, University of South Wales, language: English, abstract: The report aims to analyse the opportunities, negative impacts and limitations of adopting IFRS for German SMEs. At first, a classification of SMEs in Germany is given and their current situation is demonstrated. The next passage critically analyses the impact of an introduction of IFRS for SMEs in Germany. The analysis includes investigating if the effect varies in different crucial business factors of SMEs as well as their company type. At last, the results are summarised and recommendations are given.
Book Synopsis The Effect of International Financial Reporting Standards (IFRS) Adoption on the Value Relevance of Financial Reporting by : Tatiana Garanina
Download or read book The Effect of International Financial Reporting Standards (IFRS) Adoption on the Value Relevance of Financial Reporting written by Tatiana Garanina and published by . This book was released on 2019 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - The purpose of this study is to empirically examine the influence of International Financial Reporting Standards (IFRS) adoption by Russian public companies on the value relevance of financial reporting in Russia.Design/methodology/approach - We selected 67 Russian public companies that report both under RAS and IFRS for four consecutive years (2006 - 2009). Research limitations - The main limitation of the paper is the sample, but this can be explained by the fact that only 67 companies in Russia report under two standards (RAS and IFRS). So the sample could not be increased as there are no other companies that fulfill the characteristics of the sample.Findings - The obtained results show that on the Russian market there is no evidence of increased value relevance of financial reporting to external users of financial information after adopting IFRS when comparing and evaluating the two regimes (RAS and IFRS) unconditionally. Such results can be explained by the notion of mock compliance which originates due to the institutional differences between the RAS and IFRS development environments.Originality/value - Adoption of IFRS by companies in emerging markets has been a subject of interest for a lot of researchers, but this is the first research of the kind in the field of value relevance of adoption of IFRS on the Russian market.
Book Synopsis Earnings Quality by : Jennifer Francis
Download or read book Earnings Quality written by Jennifer Francis and published by Now Publishers Inc. This book was released on 2008 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.
Book Synopsis IFRS Adoption and Financial Reporting Quality by : Habeeb Mohamed Nijam
Download or read book IFRS Adoption and Financial Reporting Quality written by Habeeb Mohamed Nijam and published by . This book was released on 2016 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional and commonly held wisdom with respect to the adoption of International Financial Reporting Standards (IFRS) is that they lead to improved financial reporting quality and comparability and thereby favorable economic consequences. There are however contradicting evidences disproving this conventional wisdom or rejecting its gross generalization over the entire jurisdictions harmonizing on IFRS. Driven by this fact, quests for knowledge about the dynamics and contexts that lead to differential effects of IFRS get momentum. In an attempt to explore the insight into the effects of international accounting harmonization by way of IFRS adoption, this paper reviews selected literatures on consequences of IFRS adoption. This review discusses some empirical evidences that have been reported in various countries that include Europe, USA, United Kingdom, Germany, Spain, Norway, Greece, Poland, Belgian, France, Italy, Turkey, United Arab Emirates (UAE), Kuwait, Jordan, China, Malaysia, Australia, Hong Kong, New Zealand, Kenya and Nigeria. Our review focuses on the aspects of value relevance, disclosure quality, cost of capital, earning management and financial statement impact due to the IFRS adoption. This review reveals that economic consequences of IFRS adoption significantly differ across jurisdictions though being its impact reported to be positive in majority of cases. There are also notable number of studies that report indifferent and or negative effects of IFRS adoption. When IFRS studies report mixed evidence with respect to value relevance of book value of equity and earing, book value of equity supersedes the earning parameters. IFRS are found to supersede many other domestic financial reporting standards in terms of volume and quality of disclosures in financial statements. This review also obtains that IFRS' impact on the reduction of cost of capital depends on financial reporting incentives, law enforcement, types of legal systems and various other country and capital market specific characteristics. Further, though there are some evidences to the contrary, the quality of earnings reported under IFRS has been established to be superior to that under other local standards.
Book Synopsis The introduction of IFRS. Consequences for investment decisions by : Simon Falcke
Download or read book The introduction of IFRS. Consequences for investment decisions written by Simon Falcke and published by GRIN Verlag. This book was released on 2020-07-09 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2019 in the subject Business economics - Investment and Finance, grade: 1,0, Otto Beisheim School of Management Vallendar, language: English, abstract: Starting in 2005, the portion of foreign shareholders in the Dax has risen from 45% to 58% in the last decade. In the same year, the regulation of the European Union from 2002 came into effect which required all listed firms in the European Union to report their consolidated accounts in accordance with the International Financial Reporting Standard (IFRS) from 2005 on instead of each countries’ generally accepted accounting standards (GAAP). This is just one example where the volume of investments increased concurrently with the adoption of IFRS. Therefore, the question arises if the mandatory adoption of IFRS in the EU in 2005 or in other cases significantly affected and continues to affect investment decisions among adopters or third parties. In order to better account for differences between different types of investors and investees, we differentiate between retail investors, institutional investors and corporate finance activities. Moreover, we focus on the consequence of IFRS adoption on equity investment decisions as most research appears to focus on the equity instead of the credit market. Additionally, Lourenco & Branco point out that most research which finds no significant effects of IFRS adoption on investment decisions appears to focus on voluntary adoption before 2005. Thus, this paper mainly focuses on mandatory IFRS adoption. In this context, research suggests that mandatory IFRS adopters experience significant capital markets benefits as well as enhanced foreign institutional ownership and enhanced M&A activity. Ultimately, we observe four overarching drivers behind the aforementioned observations that impact investment decisions across different types of investors and investees.
Book Synopsis The impact of mandatory adoption of international financial reporting standards on accounting quality, analysts' information environment and cost of capital in Latin America by :
Download or read book The impact of mandatory adoption of international financial reporting standards on accounting quality, analysts' information environment and cost of capital in Latin America written by and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of International Financial Reporting Standards (IFRS) Adoption on the Accounting Quality of Listed Companies in Kenya by : Erick Rading Outa
Download or read book The Impact of International Financial Reporting Standards (IFRS) Adoption on the Accounting Quality of Listed Companies in Kenya written by Erick Rading Outa and published by . This book was released on 2014 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study seeks to establish if the adoption of International Financial Reporting Standards (IFRS) in Kenya has been associated with higher accounting quality for listed companies based on the theory that IFRS adoption has benefits such as transparency, accounting quality and reduced cost of capital. By applying quantitative techniques and responding to suggestions on country specific studies, accounting quality measures of earnings management, timely loss recognition and value relevance were analyzed. There was increased variability in earnings in the post adoption period as analyzed by Levenes test for variances with f and p values of 0.000 (.05). While the variability of change in earnings to variability of change in cash flows showed insignificant decline, analysis based on rank sum tests indicated u=0.0 and p=0.317 implying insignificant difference between the pre and post cash flow and earnings ratio variance. The Spearman correlation between cash flow and accruals as analyzed by Cramer's test reported a p =.157, that is p5. The rest of the measures showed insignificant variations. Previous research examined the effects of IFRS adoption mainly in the EU on the impact of IFRS adoption using quantitative techniques with literature citing gaps and conflicting conclusions on accounting quality changes. In contrast, the current research in a common law developing country has shown that IFRS insignificantly improves accounting quality under different circumstances which can be generalized in developing countries. This contribution matters as it implies more debates and better methods to be researched on while adopters to be assured that insignificant improvements appear to be related to compliance and adoption strategies most of which are continuously addressed by the Standard setters and regulators.
Book Synopsis Economic and Informational Consequences of Voluntary Adoption of International Financial Reporting Standards by : Haina Shi
Download or read book Economic and Informational Consequences of Voluntary Adoption of International Financial Reporting Standards written by Haina Shi and published by . This book was released on 2008 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Accounting Convergence and the Potential Adoption of IFRS by the United States by : Luzi Hail
Download or read book Global Accounting Convergence and the Potential Adoption of IFRS by the United States written by Luzi Hail and published by . This book was released on 2011 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the academic literature in accounting, finance and economics, we analyze economic and policy factors related to the potential adoption of International Financial Reporting Standards (IFRS) in the U.S. We highlight the unique institutional features of U.S. markets to assess the potential impact of IFRS adoption on the quality and comparability of U.S. reporting practices, the ensuing capital market effects, and the potential costs of switching from U.S. GAAP to IFRS. We discuss the compatibility of IFRS with the current U.S. regulatory and legal environment as well as the possible effects of IFRS adoption on the U.S. economy as a whole. We also consider how a switch to IFRS may affect worldwide competition among accounting standards and standard setters, and discuss the political ramifications of such a decision on the standard setting process and on the governance structure of the International Accounting Standards Board. Our analysis shows that the decision to adopt IFRS mainly involves a cost-benefit tradeoff between (1) recurring, albeit modest, comparability benefits for investors, (2) recurring future cost savings that will largely accrue to multinational companies, and (3) one-time transition costs borne by all firms and the U.S. economy as a whole, including those from adjustments to U.S. institutions. We conclude by outlining several possible scenarios for the future of U.S. accounting standards, ranging from maintaining U.S. GAAP, letting firms decide whether and when to adopt IFRS, to the creation of a competing U.S. GAAP-based set of global accounting standards that could serve as an alternative to IFRS.
