Download or read book Disclosure Behavior of European Firms around the Adoption of IFRS written by Michael H. R. Erkens and published by Springer. This book was released on 2016-05-12 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Erkens analyzes the determinants and consequences of information disclosure. He presents an empirical investigation of corporate risk management disclosures of nearly 400 firms from 20 European countries. The results show that countries’ institutional settings and cultural values are predominant factors why firms disclose information on their risk management practices. In another study, the author analyzes the economic consequences associated with the publication of an annual report in English by European firms from non-English speaking countries. He finds that the release of English annual reports attracts more analysts and foreign investors to the firm, and decreases information asymmetries between insiders and outsiders of the firm.
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 276 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.
Download or read book IAS IFRS written by Vera Palea and published by FrancoAngeli. This book was released on 2006 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Losing the Excess Baggage written by and published by . This book was released on 2011 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Differences in balance sheet disclosure under IFRS written by alfred Mully and published by GRIN Verlag. This book was released on 2014-01-21 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (postgraduate) from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: A, University of Amsterdam, language: English, abstract: Since January first, 2005, IFRS is mandatory for the financial reporting of all listed companies within the European Union. This is in order to increase comparability, improve transparency and increase the quality of financial reporting (EC Regulation No. 1606/2002). However, although it is the objective of the European Union to become more united, there are significant differences in the backgrounds of the European countries. This research analyzes cross-country differences in disclosure in the balance sheets of companies, based on the level of enforcement, the prior accounting system and the legal system. The sample consists of 170 companies from France, Germany, the Netherlands, Spain and the United Kingdom. The variables are based on the recognition materiality concept and indicate the amount of detail in the disclosure in the balance sheets. The recognition materiality concept provides a limit below which disclosure is considered not material, based on the size and therefore is an indication for the amount of detail. The results indicate that the legal system has the strongest influence on the disclosure in balance sheets. Companies from common law countries provide significant more detailed balance sheet accounts in their annual reports, than companies from code law countries.
Download or read book Disclosure Comparability Under IFRS written by Skrålan Vergauwe and published by . This book was released on 2013 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proponents of IFRS argue that applying uniform accounting standards leads to comparable financial statements. While previous studies have illustrated that initial IFRS disclosure quality significantly varies upon IFRS adoption, there is little evidence whether disclosures become more comparable after IFRS adoption. Using hand-collected data on 18 disclosure items of European real estate firms over the period 2005 to 2010, we find that disclosures improve and become more comparable over time. Furthermore, our results suggest that an exogenous shock, such as the financial crisis, accelerates the process to better and more comparable disclosure practices. This process is more pronounced and faster for valuation-related than for general disclosures. These results are of interest in the debate whether a principles-based accounting framework such as IFRS can generate comparable information.
Download or read book Does IFRS increase transparency and consequently increase investor protection written by Christoph Sindezingue and published by GRIN Verlag. This book was released on 2011 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2010 im Fachbereich BWL - Investition und Finanzierung, Note: 70/100, Durham University (Durham Business School), Veranstaltung: Research Methods, Sprache: Deutsch, Abstract: Since 2005, the disclosure of consolidated financial statements according to IFRS has been mandatory for all listed companies in the European Union. IFRS supporters claim that a single accounting standard would increase the level of disclosure and hence, increase transparency and therefore investor protection. This paper strives to determine if IFRS increases investor protection through improvements in reporting transparency. Therefore, this paper focuses on the ability of IFRS to decrease earnings management, the main driver of investor protection. The theoretical rationale gives an overview of earnings management, revealing its popularity among management. However, irrespective of the motivation, earnings management reduces the transparency for the investor and thereby reduces investor protection. The review of empirical evidence reveals that voluntary adoption of IFRS leads to a strong decrease in earnings management and an increase in disclosure quality of financial statements. Indeed, the voluntary adoption is biased because the first-time adopters are convinced that a higher transparency could be used to their own advantage. In contrast, the mandatory adoption is not free of ambiguity, but literature tends to conclude that the forced implementation of IFRS leads neither to a reduction of earnings management nor to a higher level of disclosure. Consequently, a mandatory IFRS adoption does not necessarily increase investor protection.
Download or read book FRS 101 written by Financial Reporting Council (Great Britain) and published by . This book was released on 2012 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Financial Information Disclosure written by Bo Zhang and published by . This book was released on 2018 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is comprised of three essays on informational issues that revolve around financial reporting, governance, and disclosure. The first essay focuses on how International Financial Reporting Standards (IFRS) adoption by the Canadian fund industry impacts the funds' reported performance and managers' behavior. When Canada implemented IFRS for publicly accountable enterprises (PAEs) in 2011, it received much attention from international researchers, professionals, and regulators mainly for three reasons: (1) IFRS were more mature when adopted in Canada as nine amendments had been made from 2005 through 2010, and issues and uncertainties faced by earlier adopters such as firms from EU members may or may not exist in Canada; (2) pre-IFRS Canadian accounting standards were very close to that of the US, and thus, the Canadian experience has strong implication to the largest capital market which has not accepted IFRS as primary standards yet; (3) Canadian accounting and financial regulations have been shown to be more effective in controlling risks during the 2008 financial crisis compared to those of other major economies; how IFRS can strengthen such a tight system is to be examined and is important to IFRS proponents and standard setters. In 2014, Canada took the lead by being the first common law jurisdiction mandating IFRS for investment funds while most other countries hold up IFRS adoption in this particular industry due to various complications. This paper shows that IFRS adoption does affect the funds' outcomes and managers' behavior in Canadian closed-end investment funds, and voluntary disclosure of cash flows also strongly affects fund managers' return and valuation discretion. The implication is that if a country is not ready to fully implement IFRS in the fund industry because of complications at the accounting and financial levels, mandatory disclosure of cash flows could lead to better accounting quality as well, since one major difference between IFRS and GAAP is the disclosure of cash flows which constrains manager's discretion on asset appraisals. The second essay studies the implications from outside directors' turnover. Outside directors have been extensively studied as a governance factor, but their behaviors are not well documented in the literature, partly because most agency theory-based research concentrates on the behavior of managers, not that of directors. While the majority of studies in the governance literature analyze characteristics of directors in a static way, I look at this question in a dynamic way which considers directors' behaviors. This paper studies S&P 500 companies that have boardroom turnovers due to outside directors' unexpected departures. The departures of these non-executive directors usually do not trigger investors' concerns. However, our results show that when they do not provide concrete reasons, the firms from which they resigned experience underperformance afterward. This result suggests that directors may have resigned ahead of sub performance because of information they became privy to. The implication is strong to both regulators and investors. While governance regulations require a certain proportion of outside directors on compensation and audit committees with the intention of achieving efficient governance and releasing timely and reliable information, such mechanisms are substantially affected if outside directors do not fulfill their responsibilities when firms face challenges. Investors who take long positions should be alerted about outside directors' unexplained departure, and investors who take short positions may find opportunities when a company has boardroom turnover. The third essay examines a financial question around mergers and acquisitions announcements. In a tender offer, the bidder contacts shareholders of a target firm directly by announcing a public offer to tender their shares. The risk arises because the acquisition may or may not go through. Insiders typically have a better appreciation of the likelihood of a successful acquisition than outsiders, who have very limited access to strategic and private information. As a result, outsiders are at the disadvantageous position during mergers and acquisitions. This paper documents that besides official and public releases, outsiders can also rely on stock returns around announcements to infer private information to reduce information asymmetry. While current regulations and reporting standards do not have effective ways to minimize information asymmetry during mergers and acquisitions, this study highlights an avenue that indirectly mitigates outsiders' information disadvantage.
Download or read book Financial Microeconometrics written by Marek Gruszczyński and published by Springer Nature. This book was released on 2019-11-23 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores new topics in modern research on empirical corporate finance and applied accounting, especially the econometric analysis of microdata. Dubbed “financial microeconometrics” by the author, this concept unites both methodological and applied approaches. The book examines how quantitative methods can be applied in corporate finance and accounting research in order to predict companies getting into financial distress. Presented in a clear and straightforward manner, it also suggests methods for linking corporate governance to financial performance, and discusses what the determinants of accounting disclosures are. Exploring these questions by way of numerous practical examples, this book is intended for researchers, practitioners and students who are not yet familiar with the variety of approaches available for data analysis and microeconometrics. “This book on financial microeconometrics is an excellent starting point for research in corporate finance and accounting. In my view, the text is positioned between a narrative and a scientific treatise. It is based on a vast amount of literature but is not overloaded with formulae. My appreciation of financial microeconometrics has very much increased. The book is well organized and properly written. I enjoyed reading it.” Wolfgang Marty, Senior Investment Strategist, AgaNola AG
Download or read book The Economics and Politics of Accounting written by Christian Leuz and published by OUP Oxford. This book was released on 2005-09-15 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting and the role of accountants has permeated the modern societies. For the most part we have accepted the impartiality and objectivity of accounting and not recognized how accounting systems are embedded in a country's economic and legal framework, much of which is in turn shaped by political processes. This web of interactions results in complex economic and political questions which require accounting researchers to focus on several related trends: information economics, regulatory economics, sociology, and political science. Although considerable progress has been made in the field of accounting, many fundamental questions are still subject to debate. In this book leading international scholars address a number of important questions: · What is the role of accounting in security valuation, decision making and contracting? · What can we learn from economics-based research in accounting? · What is the role of auditing and how can accounting standards be enforced? · What are the cost and benefits of accounting and disclosure regulation? · What is the role of accounting in society? · How does lobbying affect the political process of standard setting? · What are the consequences of the internationalization of standard setting? This seminal book will be of interest to academics, researchers, and graduate students of Accounting, Finance, Business Studies, Sociology, and Political Economy.
Download or read book Law Corporate Governance and Accounting written by Victoria Krivogorsky and published by Routledge. This book was released on 2011-04-26 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growing internationalization of markets, the relaxation of constraints on capital flows between countries, and the creation of different economic unions -- the European Union in particular -- initiated the flow of capital, goods, and services across national borders, growth and diffusion of shareholding, and increased merger activity among the world’s largest stock exchanges. These changes have stimulated an interest in understanding developments in accounting and corporate governance in a newly qualitative way. Law, Corporate Governance, and Accounting sets out a framework for the analysis of institutional environments as the interconnected key tools of modern public corporations. Along with examining latest developments in the integrated formal structures for the formulation of international accounting principles, analyzing new accounting regulations and the extrapolating on the lessons that can be learned from the harmonization of accounting principles in Europe, this monograph provides the analyses of the convergence in both auditing and corporate governance as well as US perspective on IFRS adoption.
Download or read book Risk Disclosure in the European Banking Industry written by Salvatore Polizzi and published by Springer Nature. This book was released on 2022-02-02 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the use of qualitative and quantitative content analysis methodologies for risk disclosure practices in the European banking industry. While doing so, it assesses the level of transparency of financial and non-financial reports by focusing on the information disclosed to the public with reference to risk exposure and management. By drawing upon both qualitative and quantitative techniques, the book proposes two different methodological approaches to assess the information European financial institutions provide to the public with reference to the risk disclosure and derivative disclosure in their annual financial reports. These methodologies are subsequently employed to carry out empirical analyses on samples of European banks. By exploiting the points of strength of both qualitative and quantitative content analysis methodologies, this book offers insights into the advantages and disadvantages of these methodologies. The book is a must-read for academics and researchers that analyze disclosure practices of financial and non-financial firms, as well as financial analysts and other practitioners that are interested in assessing the level of transparency and evaluating the disclosures of financial and non-financial firms, especially, but not exclusively, with reference to risk disclosure and derivative disclosure.
Download or read book The Law of Corporate Finance General Principles and EU Law written by Petri Mäntysaari and published by Springer Science & Business Media. This book was released on 2009-11-11 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: This three-volume book constitutes the first attempt to define corporate finance law as an independent field of law with its own principles and tools. The book also contains a unique theory of corporate governance with the firm as the most important principal.
Download or read book Advances in Accounting Behavioral Research written by Khondkar E. Karim and published by Emerald Group Publishing. This book was released on 2017-09-25 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Accounting Behavioral Research addresses a wide range of issues that affect the users, preparers, and assurers of accounting information. Volume 20 exemplifies this focus by including research on emerging theory, methods, and applications towards behavioral research in accounting and audit.
Download or read book International Finance written by H. Kent Baker and published by Oxford University Press. This book was released on 2012-12-24 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the current state of affairs and tools available in the study of international finance is increasingly important as few areas in finance can be divorced completely from international issues. International Finance reflects the new diversity of interest in international finance by bringing together a set of chapters that summarizes and synthesizes developments to date in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The survey nature of this book involves tradeoffs that inevitably had to be made in the process given the vast footprint that constitutes international finance. No single book can cover everything. This book, however, tries to maintain a balance between the micro and macro aspects of international finance. Although each chapter is self-contained, the chapters form a logical whole that follows a logical sequence. The book is organized into five broad categories of interest: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crisis, and the links between financial markets and development in some detail as they relate to these areas. In each instance, the contributors to this book discuss developments in the field to date and explain the importance of each area to finance as a field of study. Consequently, the strategic focus of the book is both broad and narrow, depending on the reader's needs. The entire book provides a broad picture of the current state of international finance, but a reader with more focused interests will find individual chapters illuminating on specific topics.
Download or read book Accounting for Biological Assets written by Rute Gonçalves and published by Routledge. This book was released on 2017-10-16 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores accounting for biological assets under IAS 41 – Agriculture, and explains the recent adjustments introduced by the IASB which allow firms to choose between cost or revaluation models concerning mature bearer plants. Identifying the firm and country-level drivers that inform the disclosure and measurement practices of biological assets, this concise guide examines the value relevance of measuring those assets at fair value. It also analyses how firm and country-level drivers explain the differences in the disclosure level and practices used to measure biological assets under IAS 41. Finally, it evaluates whether there is a difference in the relevance of biological assets among the listed firms with high and low disclosure levels on biological assets. Based on a major international study of a wide selection of firms and country-level drivers, this book is vital for standard setters, stakeholders, students, accountants and auditors who need to understand disclosure and measurement practices of biological assets under IAS 41.
