دانلود رایگان مقاله انگلیسی IFRS و ارتباط ارزشی: رویکرد مقایسه ای قبل و بعد از تبدیل استاندارد گزارشگری مالی بین المللی - امرالد 2017

1. Introduction

Since 1990, the economic environment has been characterized by the globalization of financial markets, the rise of multinationals and the complexity of interfirm relationships. Therefore, the need for companies to have comparable and comprehensive accounting information is confronted with the diversity of accounting clusters and heterogeneous of accounting practices around the world. In addition, in the early 2000, accounting scandals, such as Enron and Worldcom, were reflected in the failing of existent accounting clusters (such as US GAAP) (Liu et al., 2014). In fact, the issue for international accounting harmonization was seen to be sufficient and practical. As a result, International Financial Reporting Standards (IFRS) take a great importance in the accounting standardization and several countries enabled their companies to voluntarily adopt international standards (Kim and Shi, 2012). In 2002, the European Union (EU) required that their listed companies prepare their consolidated financial statements accordingly for IFRS starting on the 1st of January 2005.

6. Summary and concluding remarks

In this study, we compare the value relevance of accounting information for three groups of firms over two periods. First, we compare the value relevance of equity book value, earnings and change in earnings of IFRS-Firms (voluntary IFRS adoption) and non IFRS-Firms (domestic standards) in the pre-adoption period. On a second level, we compare the value relevance of non IFRS-Firms over the pre-and post-adoption periods. Finally, we compare the value relevance of IFRS-Firms over the pre- and post-adoption periods.

Our findings show that the voluntary IFRS adoption in the pre-IFRS period has not improved the value relevance of the equity book value, earnings, and change in earnings. The results suggest that the voluntary IFRS adoption negatively affects the value relevance of the equity book value and earnings for firms in the pre-adoption period. Our findings are different from the study of Landsman et al. (2012) which demonstrated that voluntary the IFRS adoption increases the information content of the earnings. Therefore, our first sub-hypothesis (H1a), which predicts that voluntary IFRS adoption increases the value relevance of the equity book value and earnings, is rejected. In addition, after testing the sub-hypothesis (H1b), the result shows that the voluntary IFRS adoption doesn’t affect the value relevance of earnings and change in earnings for firms in the pre-adoption period. This result stipulates the rejection of H1b, which predicts that voluntary IFRS adoption increases the value relevance of the earnings and change in earnings.