Choices in IFRS Adoption in Spain: Determinants and Consequences

Àngels Fitó Bertran · Francesc Esteve i Gómez · Soledad Moya Gutiérrez

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

Abstract

New Spanish GAAP based on IFRS came into force for separate financial statements in 2008. Companies were allowed to choose between 1 January 2007 and 1 January 2008 as their transition date. The first option commits companies to presenting comparative statements while the second allows them to disclose only the adjustments in equity. We analyze the determinants of companies that decided to choose early transition and also the consequences of this choice on the main accounting figures and ratios. Our results show that the determinants of the early transition date are size and growth. As for the consequences, there is a significant change in the accounting figures and ratios and therefore comparability may be impaired.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2008International Accounting Standards and Accounting Quality 2000The Economic Consequences of Increased Disclosure 1999The Economic Consequences of Increased Disclosure 2007Financial statement effects of adopting international accounting standards: the case of Germany 1995Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong 2005Earnings management under German GAAP versus IFRS 2007Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting

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