By Vera Palea
This e-book offers the theoretical heritage and analyses capital industry examine concerning the IAS/IFRS adoption in Europe, that is the most vital and debatable occasions within the historical past of accounting. It adopts either an investor and a company viewpoint and accordingly investigates the results of adopting IAS/IFRS at the decision-usefulness of economic reporting for traders in addition to at the companies’ fee of capital. The booklet additionally specializes in reasonable price accounting, that is largely controversial.
these kinds of matters are of substantial curiosity for traditional setters and coverage makers, whose basic goals are in truth to supply traders with worthy info for his or her decision-making method and to permit businesses to have entry to a extra effective and low-priced capital industry.
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Extra resources for Financial Reporting under IAS/IFRS: Theoretical Background and Capital Market Evidence - A European Perspective
Capitalization of development costs) that likely contribute to the dominance of the earnings capitalization model for IAS/IFRS firms. Conversely, the residual income model results to be the dominant valuation model for cross-listed firms reporting under US GAAP. The residual income model is well specified, whereas the estimated parameters of the earnings capitalization and book value models indicate misspecification. 7. The harmonization process in the European Union: The fourth and seventh directives One of the fundamental objectives of the European Union is the freedom of establishment for firms and the free movement of capital, which requires a common environment under which firms conduct their business.
These studies generally find that IAS/IFRS and US GAAP-reconciled earnings are comparable, although there is some evidence that US GAAP-reconciled earnings are of higher quality. Bartov et al. (2005) also make a comparison between value relevance of earnings produced under US GAAP and IAS/IFRS by firms listed on the German Neuer Market and find that US GAAP exhibited a superior value relevance than IAS/IFRS. Examining the factors associated with 211 firms listed on the London Stock Exchange in 1993 voluntarily applying IAS/IFRS or US GAAP, Ashbaugh (2001) shows that firms are more likely to adopt IAS/IFRS when participating in seasoned equity offerings and when IAS/IFRS are less costly to implement because they require fewer accounting policy changes from 51 domestic GAAP relative to US GAAP.
A common financial language, if applied consistently, could in fact help investors compare the financial results of companies operating in different jurisdictions and provide greater opportunity for investment. The removal of differences in national accounting standards should also reduce information asymmetries as well as the cost of capital and open new opportunities for diversification and improved investment returns. Despite different historical and cultural backgrounds that have led to differences in national accounting standards, today there is an overwhelming need for accounting principles to be harmonised worldwide.
Financial Reporting under IAS/IFRS: Theoretical Background and Capital Market Evidence - A European Perspective by Vera Palea