Article2017

Does IFRS Adoption Increase the Accuracy of Chinese Analysts’ Forecasts?

11 citations0/0 files storedEmerging Markets Finance and Trade

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Forecasting Techniques and Applications

Abstract

This article investigates the impact of International Financial Reporting Standards (IFRS) adoption on the accuracy of Chinese analysts’ earnings forecasts. We find that after IFRS adoption, the accuracy of Chinese analysts’ forecasts decreases rather than increasing as they do in developed countries documented by the extant literature. Further investigation finds that this decrease is associated with a fair value measurement of financial assets held for trading. Our finding provides empirical evidence supporting the argument that the effectiveness of IFRS adoption could be negative in a developing country depending on its setting and fair value measurement brought about by IFRS could contribute to the negative effect in this setting.

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References

2008International Accounting Standards and Accounting Quality 2006International Financial Reporting Standards (IFRS): pros and cons for investors 2007IFRS Adoption and Accounting Quality: A Review 1999Inefficiency in Analysts' Earnings Forecasts: Systematic Misreaction or Systematic Optimism?2001Domestic Accounting Standards, International Accounting Standards, and the Predictability of Earnings 2011The information content of annual earnings announcements and mandatory adoption of IFRS 2012Does Mandatory IFRS Adoption Improve the Information Environment?*2008International GAAP Differences: The Impact on Foreign Analysts

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