An evaluation of the impacts of the adoption of IFRS 15 Revenue from Contracts with Customers

Sebastian Onie · Le Ma · Helen Spiropoulos · Peter Wells

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

Abstract

Abstract This paper evaluates the impact of IFRS 15 Revenue from Contracts with Customers on the value relevance of financial reports for Australian listed firms. We find that for most firms the impacts of transition were immaterial, however some firms experienced a significant reduction in earnings and/or retained earnings and for these firms the value relevance of earnings was generally lower in the pre‐adoption period compared to firms in which there was no material impact. Post adoption, there is little evidence that the standard improved the relevance of earnings generally.

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2008International Accounting Standards and Accounting Quality 2001The relevance of the value relevance literature for financial accounting standard setting: another view 1997Changes in the value-relevance of earnings and book values over the past forty years 2007IFRS Adoption and Accounting Quality: A Review 2009Market Reaction to the Adoption of IFRS in Europe 2012Are IFRS-based and US GAAP-based accounting amounts comparable?2008Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption 2001Domestic Accounting Standards, International Accounting Standards, and the Predictability of Earnings

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