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IFRS non‐ GAAP earnings disclosures and fair value measurement

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

Abstract

Abstract We investigate IFRS non‐GAAP earnings adjustments for fair value remeasurements made by companies and analysts and the usefulness of these disclosures for analysts. Examining Australian listed (ASX 200) companies during 2008–2010 (576 firm‐years), we find that companies disclosing non‐GAAP earnings are more likely to have a higher incidence and magnitude of profit or loss items reflecting asset remeasurements and impairment in their financial statements. We find non‐GAAP disclosing companies are more likely to have analyst adjustments to earnings for these items and lower forecast error and dispersion in the following year, suggesting usefulness rather than opportunism in the adjustments.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures 2003Disclosure Practices, Enforcement of Accounting Standards, and Analysts' Forecast Accuracy: An International Study 2006Inherited Control and Firm Performance 2007Inside the Family Firm: The Role of Families in Succession Decisions and Performance 2002GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings 2006Inside the Family Firm: The Role of Families in Succession Decisions and Performance 2003Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings

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2018Fair Value Measurement for Long-Lived Operating Assets: Research Evidence 2017Non-GAAP earnings: international overview and suggestions for future research 2016Determinants of discretionary fair value measurements: the case of Level 3 assets in the banking sector 2018Is fair value information relevant to investment decision-making: Evidence from the Australian agricultural sector?

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