Accounting Standards, Financial Reporting Outcomes, and Enforcement

Robert W. Holthausen

307 citations0/0 files storedJournal of Accounting Research

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

Abstract

In this paper, I draw parallels between the literatures on the effects of law on the financial development of countries and on the effects of accounting standards on financial reporting outcomes. My central thesis is that these literatures are complementary in terms of what they have to say about understanding the effects of law, regulations and accounting standards on economic and financial reporting outcomes. Moreover, both literatures suggest that U.S. securities laws and financial reporting standards have taken a more regulatory direction over time. I then take these themes and draw implications for the effects of the adoption of International Financial Reporting Standards (IFRS) around the world at the time of adoption and over time.

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References

1997Legal Determinants of External Finance 2003Earnings management and investor protection: an international comparison 2008The law and economics of self-dealing 2000The effect of international institutional factors on properties of accounting earnings 2006What Works in Securities Laws?2004Earnings quality in UK private firms: comparative loss recognition timeliness 2008Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences 2003Incentives versus standards: properties of accounting income in four East Asian countries

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2012Is integrated reporting determined by a country's legal system? An exploratory study 2012Compliance with IFRS 3- and IAS 36-required disclosures across 17 European countries: company- and country-level determinants 2015Impact of the Institutional Macro Context on the Voluntary Disclosure of CSR Information 2011Mandatory IFRS Adoption and Accounting Quality of European Banks (2011), with Günther Gebhardt 2014The effect of mandatory IFRS adoption on real and accrual-based earnings management activities

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