Does Mandatory IFRS Adoption Improve the Information Environment?

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Publisher :
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Does Mandatory IFRS Adoption Improve the Information Environment? by : Joanne Horton

Download or read book Does Mandatory IFRS Adoption Improve the Information Environment? written by Joanne Horton and published by . This book was released on 2013 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than 120 countries require or permit the use of International Financial Reporting Standards (lsquo;IFRS') by publicly listed companies on the basis of higher information quality and accounting comparability from IFRS application. However, the empirical evidence about these presumed benefits are often conflicting and fail to separate between information quality and comparability. In this paper we examine the effect of mandatory IFRS adoption on firms' information environment. We find that after mandatory IFRS adoption consensus forecast errors decrease for firms that mandatorily adopt IFRS relative to forecast errors of other firms. We also find decreasing forecast errors for voluntary adopters, but this effect is smaller and not robust. Moreover, we show that the magnitude of the forecast errors decrease is associated with the firm-specific differences between local GAAP and IFRS. This finding suggests that it is IFRS adoption rather than a correlated unobservable factor that is causing forecast errors to decrease. Exploiting individual analyst level data and isolating settings where analysts would benefit more from either increased comparability or higher quality information, we document that the improvement in the information environment is driven both by information and comparability effects. These results suggest that mandatory IFRS adoption has improved the quality of information intermediation in capital markets and as a result firms' information environment by increasing both information quality and accounting comparability.

Governance matters VI : aggregate and individual governance indicators, 1996-2006

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Publisher : World Bank Publications
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4./5 ( download)

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Book Synopsis Governance matters VI : aggregate and individual governance indicators, 1996-2006 by : Daniel Kaufmann

Download or read book Governance matters VI : aggregate and individual governance indicators, 1996-2006 written by Daniel Kaufmann and published by World Bank Publications. This book was released on 2007 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper reports on the latest update of the Worldwide Governance Indicators (WGI) research project covering 212 countries and territories and measuring six dimensions of governance between 1996 and 2006: voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, rule of law, and control of corruption. This latest set of aggregate indicators are based on hundreds of specific and disaggregated individual variables measuring various dimensions of governance taken from 33 data sources provided by 30 different organizations. The data reflect the views on governance of public sector, private sector, and nongovernmental organization experts, as well as thousands of citizen and firm survey respondents worldwide. The paper also explicitly reports the margins of error accompanying each country estimate. These reflect the inherent difficulties in measuring governance using any kind of data. It finds that even after taking margins of error into account, the WGI permit meaningful cross-country comparisons, as well as monitoring progress over time. In less than a decade, a substantial number of countries exhibit statistically significant improvements in at least one dimension of governance, while other countries exhibit deterioration in some dimensions. The decade-long aggregate indicators, together with the disaggregated individual indicators, are available in a newly-redesigned website at www.govindicators.org.

Mandatory IFRS Adoption and Accounting Comparability

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Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (17 download)

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Book Synopsis Mandatory IFRS Adoption and Accounting Comparability by : Stefano Cascino

Download or read book Mandatory IFRS Adoption and Accounting Comparability written by Stefano Cascino and published by . This book was released on 2010 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Governance and Its Implications on Accounting and Finance

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Publisher : IGI Global
ISBN 13 : 1799848531
Total Pages : 425 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Corporate Governance and Its Implications on Accounting and Finance by : Alqatan, Ahmad

Download or read book Corporate Governance and Its Implications on Accounting and Finance written by Alqatan, Ahmad and published by IGI Global. This book was released on 2020-09-25 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the global financial crisis, the topic of corporate governance has been gaining momentum in accounting and finance literature since it may influence firm and bank management in many countries. Corporate Governance and Its Implications on Accounting and Finance provides emerging research exploring the implications of a good corporate governance system after global financial crises. Corporate governance mechanisms may include board and audit committee characteristics, ownership structure, and internal and external auditing. This book is devoted to all topics dealing with corporate governance including corporate governance characteristics, board diversity, CSR, big data governance, bitcoin governance, IT governance, and governance disclosure, and is ideally designed for executives, BODs, financial analysts, government officials, researchers, policymakers, academicians, and students.

Mandatory IFRS Adoption and Financial Statement Comparability

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Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (787 download)

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Book Synopsis Mandatory IFRS Adoption and Financial Statement Comparability by : Francois Brochet

Download or read book Mandatory IFRS Adoption and Financial Statement Comparability written by Francois Brochet and published by . This book was released on 2011 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether mandatory adoption of International Financial Reporting Standards (IFRS) leads to capital market benefits through enhanced financial statement comparability. UK domestic standards are considered very similar to IFRS (Bae et al. 2008), suggesting any capital market benefits observed for UK-domiciled firms are more likely attributable to improvements in comparability (i.e., better precision of across-firm information) than to changes in information quality specific to the firm (i.e., core information quality). If IFRS adoption improves financial statement comparability, we predict this should reduce insiders' ability to benefit from private information. Consistent with these expectations, we find that abnormal returns to insider purchases--used to proxy for private information--are reduced following IFRS adoption. Similar results are derived across numerous subsamples and proxies used to isolate IFRS effects attributable to comparability. Together, the findings are consistent with mandatory IFRS adoption improving comparability and thus leading to capital market benefits by reducing insiders' ability to exploit private information.

Earnings Quality

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Publisher : Now Publishers Inc
ISBN 13 : 1601981147
Total Pages : 97 pages
Book Rating : 4.6/5 (19 download)

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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.

Comparability Effects of Mandatory IFRS Adoption

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)

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Book Synopsis Comparability Effects of Mandatory IFRS Adoption by : Stefano Cascino

Download or read book Comparability Effects of Mandatory IFRS Adoption written by Stefano Cascino and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on the Implications of Mandatory IFRS Adoption

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Author :
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.:/5 (643 download)

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Book Synopsis Essays on the Implications of Mandatory IFRS Adoption by : Hans Bonde Christensen

Download or read book Essays on the Implications of Mandatory IFRS Adoption written by Hans Bonde Christensen and published by . This book was released on 2008 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Does Mandatory IFRS Adoption Improve the Information Environment?

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Author :
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (667 download)

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Book Synopsis Does Mandatory IFRS Adoption Improve the Information Environment? by : Joanne Horton

Download or read book Does Mandatory IFRS Adoption Improve the Information Environment? written by Joanne Horton and published by . This book was released on 2010 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the effect of mandatory International Financial Reporting Standards ('IFRS') adoption on firms' information environment. We find that after mandatory IFRS adoption consensus forecast errors decrease for firms that mandatorily adopt IFRS relative to forecast errors of other firms. We also find decreasing forecast errors for voluntary adopters, but this effect is smaller and not robust. Moreover, we show that the magnitude of the forecast errors decrease is associated with the firm-specific differences between local GAAP and IFRS. Exploiting individual analyst level data and isolating settings where investors would benefit more from either increased comparability or higher quality information, we document that the improvement in the information environment is driven both by information and comparability effects. These results are robust to variations in the measurement of information environment quality, forecast horizon, sample composition and tests of earnings management.

Mandatory IFRS Adoption and the Usefulness of Accounting Information in Predicting Future Earnings and Cash Flows

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Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Mandatory IFRS Adoption and the Usefulness of Accounting Information in Predicting Future Earnings and Cash Flows by : Siyi Li

Download or read book Mandatory IFRS Adoption and the Usefulness of Accounting Information in Predicting Future Earnings and Cash Flows written by Siyi Li and published by . This book was released on 2017 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether the mandatory adoption of International Financial Reporting Standards (IFRS) has changed the usefulness of accounting information in predicting future earnings and cash flows out-of-sample. Using a sample of firms from European Union countries that mandatorily adopted IFRS in 2005, we find the out-of-sample earnings and cash flows forecasts derived from alternative accounting models become significantly more accurate after IFRS adoption. The accuracy, however, varies with the strength of legal and regulatory enforcement. Firms in strong enforcement countries experience larger improvements in earnings forecast accuracy than firms in weak enforcement countries but the opposite happens for cash flow forecasts. Accruals are useful in the prediction of both earnings and cash flows, but again their usefulness varies with the strength of the legal and regulatory environment. Portfolios of stocks based on the out-of-sample forecasts earn economically significant 12-month ahead hedge returns after IFRS adoption, which corroborates the detected forecast accuracy improvements. Overall, the study contributes to the IFRS literature by providing new evidence that an important dimension of accounting quality, predictive ability, has improved after mandatory IFRS adoption.

The Effect of Mandatory IFRS Adoption on Real and Accrual-Based Earnings Management Activities

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Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Effect of Mandatory IFRS Adoption on Real and Accrual-Based Earnings Management Activities by : Leonidas C. Doukakis

Download or read book The Effect of Mandatory IFRS Adoption on Real and Accrual-Based Earnings Management Activities written by Leonidas C. Doukakis and published by . This book was released on 2014 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the effect of mandatory adoption of International Financial Reporting Standards (IFRS) on both accrual-based and real earnings management. While prior literature has mainly examined the effects of IFRS adoption on accrual-based earnings management, no study to date has focused on the impact of IFRS adoption on real earnings management. Using a sample of 15,206 observations from 22 European countries between 2000 and 2010, this study employs a control sample of voluntary adopters and applies a differences-in-differences design to control for confounding concurrent events. The results suggest that mandatory IFRS adoption had no significant impact on either real or accrual-based earnings management practices. Additional analysis on a sub-sample of firms with relatively strong earnings management incentives supports a dominant role for firm-level reporting incentives over accounting standards in shaping financial reporting quality.

Mandatory IFRS Adoption and the Role of Accounting Earnings in CEO Turnover

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Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Mandatory IFRS Adoption and the Role of Accounting Earnings in CEO Turnover by : Joanna S. Wu

Download or read book Mandatory IFRS Adoption and the Role of Accounting Earnings in CEO Turnover written by Joanna S. Wu and published by . This book was released on 2017 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study whether mandatory adoption of International Financial Reporting Standards (IFRS) is associated with changes in the sensitivity of CEO turnover to accounting earnings and how the impact of IFRS adoption varies with country-level institutions and firm-level incentives. We find that CEO turnover responds more to a firm's accounting performance after adoption. This increase in turnover-to-earnings sensitivity is concentrated in countries with stronger enforcement of financial reporting and is more prominent for mandatory adopters that have strong firm-level compliance incentives. In addition, we link the change in turnover-to-earnings sensitivity directly to accounting changes due to IFRS adoption and find a stronger adoption effect when firms report large overall accounting changes and large de-recognition of loss provisions upon adoption. Some of the above findings are sensitive to the exclusion of UK firms, which account for more than half of our sample.

Essays on the Economic Consequences of Mandatory IFRS Reporting around the world

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Publisher : Springer Science & Business Media
ISBN 13 : 3834969524
Total Pages : 162 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Essays on the Economic Consequences of Mandatory IFRS Reporting around the world by : Ulf Brüggemann

Download or read book Essays on the Economic Consequences of Mandatory IFRS Reporting around the world written by Ulf Brüggemann and published by Springer Science & Business Media. This book was released on 2011-08-31 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ulf Brüggemann discusses and empirically investigates the economic consequences of mandatory switch to IFRS. He provides evidence that cross-border investments by individual investors increased following the introduction of IFRS.

Handbook of Research on Institutional, Economic, and Social Impacts of Globalization and Liberalization

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Publisher : IGI Global
ISBN 13 : 1799844609
Total Pages : 699 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Handbook of Research on Institutional, Economic, and Social Impacts of Globalization and Liberalization by : Bayar, Yilmaz

Download or read book Handbook of Research on Institutional, Economic, and Social Impacts of Globalization and Liberalization written by Bayar, Yilmaz and published by IGI Global. This book was released on 2020-11-06 with total page 699 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization is a multi-dimensional concept reflecting the increased economic, social, cultural, and political integration of countries. There has been no pinpointed consensus on the history of globalization; however, the globalization process has gained significant speed as of the 1980s in combination with liberalization. Many countries have removed or loosened barriers over the international flows of goods, services, and production factors. In this context, both liberalization and globalization have led to considerable institutional, economic, social, cultural, and political changes in the world. The liberalization and globalization processes have affected economic units, institutions, cultures, social lives, and national and international politics. The Handbook of Research on Institutional, Economic, and Social Impacts of Globalization and Liberalization provides a comprehensive evaluation of the institutional, economic, and social impacts of globalization and liberalization processes across the world. While highlighting topics like economics, finance, business, and public administration, this book is ideally intended for government officials, policymakers, practitioners, stakeholders, researchers, and academicians interested in the international impacts of globalization and liberalization across a variety of different domains.

Mandatory IFRS Adoption

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Mandatory IFRS Adoption by : Elisabetta Ipino

Download or read book Mandatory IFRS Adoption written by Elisabetta Ipino and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether firms substitute accrual and real-based earnings management once the International Financial Reporting System (IFRS) becomes mandatory. Using a sample of 53,853 firm-year observations from 37 countries between 2000 and 2008, we document a decrease (increase) in accrual (real-based) earnings management activities for mandatory IFRS adopters only in countries with strict enforcement regimes. Moreover, we show that the switch from accrual to real-based earnings management activities leads to a much larger decline in performance. Taken together the results document that the accounting regulators' efforts to increase earnings quality by reducing managerial discretion may have the unintended consequence of increasing real-based earnings management and reducing firms' performance.

Accounting Comparability and Economic Outcomes of Mandatory IFRS Adoption

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Accounting Comparability and Economic Outcomes of Mandatory IFRS Adoption by : Michael J. Neel

Download or read book Accounting Comparability and Economic Outcomes of Mandatory IFRS Adoption written by Michael J. Neel and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the accounting mechanisms linking the widespread mandatory adoption of IFRS in 2005 to valuation, liquidity, and analyst outcomes of adoption. I partition adopter firms into treatment groups based on changes in both reporting quality and cross-country accounting comparability around adoption, and study the relative importance of the two financial statement characteristics in explaining the economic effects of adoption. I find that firms with a larger improvement in comparability have better economic outcomes following adoption relative to other adopters. This result holds for tests of firm valuations, liquidity and analyst properties. Moreover, this result holds regardless of how reporting quality changes around adoption. In contrast, improvements in reporting quality around adoption appear to have only a second-order effect that is generally limited to valuation effects for those adopters with concurrent improvements in comparability. These results are robust to alternative design and variable specifications. Finally, I continue to find these results for samples restricted to countries with weaker pre-adoption institutional environments and countries that did not initiate pro-active financial statement reviews, indicating that strong institutions and regulatory improvements are not driving the results.

The Impact of Mandatory IFRS Adoption on Value Relevance

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Publisher :
ISBN 13 : 9783330331662
Total Pages : 60 pages
Book Rating : 4.3/5 (316 download)

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Book Synopsis The Impact of Mandatory IFRS Adoption on Value Relevance by : Gulsah Ustuner

Download or read book The Impact of Mandatory IFRS Adoption on Value Relevance written by Gulsah Ustuner and published by . This book was released on 2017-07-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: