International financial reporting standards: an indicator of high quality?

Rudy A. Jacob · Christian Ndubuisi Madu

40 citations0/0 files storedInternational Journal of Quality & Reliability Management

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

Abstract

Purpose The purpose of this paper is to examine the academic literature on the quality of International Financial Reporting Standards (IFRS), formerly International Accounting Standards (IAS), which are poised to be the universal accounting language to be adopted by all companies regardless of their place of domicile. Design/methodology/approach The methodology used in this study is archival. The authors evaluate the academic empirical literature on the quality of IFRS. Findings With the world's capital markets becoming more and more inextricably linked, we believe IFRS represents a single set of high‐quality, globally accepted accounting standards that has the potential to significantly improve financial reporting comparability among companies on a worldwide basis. Originality/value It will be difficult to find any time in recent history when financial reporting has been catapulted to such enormous prominence. Some would argue that better reporting would have played a vital role in preventing the complete collapse of the world's financial system. This paper provides valuable input to the US Securities and Exchange Commission, which has recently completed a roadmap, creating the potential for all US public companies to be required to file their financial statements in accordance with IFRS by 2014.

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References

2008International Accounting Standards and Accounting Quality 2003Incentives versus standards: properties of accounting income in four East Asian countries 1999Financial Accounting Theory 2001Domestic Accounting Standards, International Accounting Standards, and the Predictability of Earnings 1993The Relative Informativeness of Accounting Disclosures in Different Countries 2005Comparative Value Relevance Among German, U.S., and International Accounting Standards: A German Stock Market Perspective 2003IAS Versus U.S. GAAP: Information Asymmetry–Based Evidence from Germany's New Market 2006Home Bias, Foreign Mutual Fund Holdings, and the Voluntary Adoption of International Accounting Standards

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2019Do globalisation and adoption of IFRS by banks in Africa lead to less earnings management?2020The effect of corporate governance and investor protection environments on the value relevance of new accounting standards: the case of IFRS 9 and IAS 39 2019Prevention of Earnings Management through Audit Committee and Audit Quality in the Award-Winning and Non-Winning Companies 2014Empirical Analysis of the Effect of International Financial Reporting Standards (IFRS) Adoption on Accounting Practices in Nigeria

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