Article2011

The impact of reforms on the value relevance of accounting information: Evidence from Iran

Jamal Barzegari Khanagha · Shamsher Mohamad · Taufiq Hassan · Zulkarnain Muhamad Sori

35 citations0/0 files storedAFRICAN JOURNAL OF BUSINESS MANAGEMENT

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Financial Reporting and Valuation Research

Abstract

This paper examines the value relevance of accounting information in Iran for the period 1996 - 2008, before and after the codification of national accounting standard in 2001, which could describe the effect of codification of the first national accounting standards by The Iranian Association of Certified Public Accountants. The results obtained from a combination of regression and portfolio approaches, show accounting information in Iran is value relevant and value relevance of Earnings Per Share (EPS) is higher than book value of equity per share (BVP). Moreover, a comparison of the results for the periods before and after reform, based on both regression and portfolio approaches, shows a decline in value relevance of accounting information after the reform in accounting standards. It could be interpreted to mean that codification of the first national accounting standards did not improve relevancy of accounting numbers in the Tehran stock exchange. Key words: Value relevance, accounting standards, Tehran Stock Exchange, Iran, portfolio approach.

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References

1968An Empirical Evaluation of Accounting Income Numbers 1968The Information Content of Annual Earnings Announcements 1999The Boundaries of Financial Reporting and How to Extend Them 1999Have Financial Statements Lost Their Relevance?2001The relevance of the value-relevance literature for financial accounting standard setting 1991Earnings Asan Explanatory Variable for Returns 1994Fair Value Accounting: Evidence from Investment Securities and the Market Valuation of Banks.1993The Relative Informativeness of Accounting Disclosures in Different Countries

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