The European IFRS experiment: objectives, research challenges and some early evidence

Peter F. Pope · Stuart J. McLeay

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Financial Reporting and XBRL

Abstract

This paper provides an academic perspective on the development of the EU's harmonisation project based on International Financial Reporting Standards (IFRS), on the costs and benefits of IFRS adoption in Europe, and on the research challenges that arise. The paper reviews the accumulating academic evidence, emphasizing the effectiveness and transparency of the enforcement framework, and documenting the main lessons to be learned from the research programme on EU IFRS implementation conducted within the INTACCT network. Results on the consequences of IFRS adoption and the quality of implementation are far from uniform across Europe, and depend on factors reflecting preparer incentives and the effectiveness of local enforcement. The paper also outlines a possible alternative proposal for the organisation and development of enforcement activities in Europe.

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References

2003Earnings management and investor protection: an international comparison 1997The conservatism principle and the asymmetric timeliness of earnings1 2000The effect of international institutional factors on properties of accounting earnings 2008International Accounting Standards and Accounting Quality 2007Accounting Information, Disclosure, and the Cost of Capital 2004Earnings quality in UK private firms: comparative loss recognition timeliness 2008Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences 2006International Financial Reporting Standards (IFRS): pros and cons for investors

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