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Alidarous, Manal, and Fouad Jamaani. "The Concurrent Effects of IFRS Mandate and Formal Institutional Quality on the Aftermarket Performance of IPO Firms in Emerging Countries." International Journal of Financial Research 12, no. 3 (January 11, 2021): 320. http://dx.doi.org/10.5430/ijfr.v12n3p320.
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This paper provides the first empirical investigation seeking to find whether International Financial Reporting Standards (IFRS) mandate, changes in the quality of formal institutions, or, the concurrent effect of these two elements can explain the ongoing phenomenon of the aftermarket performance difference of Initial Public Offerings (IPO) firms. We perceive little awareness of the concurrent effect of IFRS mandate and the quality of formal institutions in emerging countries, although these nations account for more than half of the IFRS mandating countries. We employ numerous Difference-in-Differences (DiD) models utilizing reliable IPO and formal institutional data for Saudi Arabia from 2005 to 2017. Our empirical results show that the absence of IFRS influence in the aftermarket performance of IPO firms led us to posit that the quality of formal institutions is the key player in influencing long-term performance of IPO firms in Saudi Arabia. We uncover evidence showing that an improvement in formal institutional quality increases the long-term performance of IPO firms. We find no evidence of a concurrent effect of changes in formal institutional quality and IFRS mandate on the aftermarket performance of IPO firms. Our results show that what does really matter in relation to the aftermarket performance of IPO firms in Saudi Arabia, are the enhancements in the level of formal institutional quality. Our results provide some important implications for IFRS-IPO research.
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Zhu, Hong, Kevin T. Rich, Alfred R. Michenzi, and Jason Cherubini. "User-Oriented IFRS Education in Introductory Accounting at U.S. Academic Institutions: Current Status and Influencing Factors." Issues in Accounting Education 26, no. 4 (November 1, 2011): 725–50. http://dx.doi.org/10.2308/iace-50058.
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ABSTRACT We document the current state of International Financial Reporting Standards (IFRS) education in introductory accounting courses, and model the decision by introductory accounting educators to integrate IFRS into their courses. Using a survey of educators conducted during Fall 2009, we find that although a majority of respondents believe IFRS material is important for non-accounting business majors, 56 percent spent less than 30 minutes per term covering IFRS. Our results suggest that educators are more likely to extensively cover IFRS topics when they perceive U.S. GAAP/IFRS convergence to be more certain and when they have colleagues engaged in teaching IFRS, and less likely when they assess IFRS teaching materials to be inadequate. Overall, we provide evidence regarding the role of business schools' curricula in educating future investors on the basics of IFRS. This is of interest to the SEC in evaluating whether to mandate IFRS for U.S. issuers, as well as the faculty members, departments, or programs looking to better understand the conditions that facilitate user-oriented IFRS coverage in the classroom.
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De George, Emmanuel T., Colin B. Ferguson, and Nasser A. Spear. "How Much Does IFRS Cost? IFRS Adoption and Audit Fees." Accounting Review 88, no. 2 (October 1, 2012): 429–62. http://dx.doi.org/10.2308/accr-50317.
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ABSTRACT This study provides evidence of a directly observable and significant cost of International Financial Reporting Standards (IFRS) adoption, by examining the fees incurred by firms for the statutory audit of their financial statements at the time of transition. Using a comprehensive dataset of all publicly traded Australian companies, we quantify an economy-wide increase in the mean level of audit costs of 23 percent in the year of IFRS transition. We estimate an abnormal IFRS-related increase in audit costs in excess of 8 percent, beyond the normal yearly fee increases in the pre-IFRS period. Further analysis provides evidence that small firms incur disproportionately higher IFRS-related audit fees. We then survey auditors to construct a firm-specific measure of IFRS audit complexity. Empirical findings suggest that firms with greater exposure to audit complexity exhibit greater increases in compliance costs for the transition to IFRS. Given the renewed debate about whether the Securities and Exchange Commission (SEC) should mandate IFRS for U.S. firms, our results are of timely importance. Data Availability: Data are publicly available from the sources identified in the paper. Survey response data are available from the authors upon request.
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Li, Siqi. "Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital?" Accounting Review 85, no. 2 (March 1, 2010): 607–36. http://dx.doi.org/10.2308/accr.2010.85.2.607.
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ABSTRACT: This study examines whether the mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union (EU) in 2005 reduces the cost of equity capital. Using a sample of 6,456 firm-year observations of 1,084 EU firms during the 1995 to 2006 period, I find evidence that, on average, the IFRS mandate significantly reduces the cost of equity for mandatory adopters by 47 basis points. I also find that this reduction is present only in countries with strong legal enforcement, and that increased disclosure and enhanced information comparability are two mechanisms behind the cost of equity reduction. Taken together, these findings suggest that while mandatory IFRS adoption significantly lowers firms' cost of equity, the effects depend on the strength of the countries' legal enforcement.
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Basoglu, Kamile Asli, Christopher T. Edmonds, and Clinton E. White. "IFRS, U.S. GAAP, and XBRL Financial Statements: An Introduction and Case Study." AIS Educator Journal 7, no. 1 (January 1, 2012): 75–79. http://dx.doi.org/10.3194/1935-8156-7.1.75.
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ABSTRACT Given (a) the mandate to fully comply with “Interactive Data to Improve Financial Reporting,” (Rule 33-2009; SEC 2009b) which requires all SEC registered companies to include financial statements in XBRL format as exhibits with their quarterly or annual reports on a phased-in schedule, and (b) initiations to converge U.S. GAAP and IFRS, it is crucial for students to understand the methodological differences between XBRL financial reporting for these two standards. Therefore, the goal of this case is to expose students to the IFRS and U.S. GAAP XBRL taxonomies. We use the case of a hypothetical company to first illustrate some of the differences between IFRS and U.S. GAAP reporting at the financial statement level, then map its Income Statement line items into respective XBRL taxonomies, and finally create an XBRL instance document. The case provides two exercises to explain the steps in creating an XBRL instance document for different taxonomies, i.e., accessing and then mapping line items into the IFRS and U.S. GAAP taxonomies (Exercise 1) and creating the actual XBRL instance document for U.S. GAAP and IFRS (Exercise 2).
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Khurana, Inder K., and Paul N. Michas. "Mandatory IFRS Adoption and the U.S. Home Bias." Accounting Horizons 25, no. 4 (December 1, 2011): 729–53. http://dx.doi.org/10.2308/acch-50075.
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SYNOPSIS This paper examines whether mandatory IFRS adoption at the country level lowers U.S. investors' propensity to overweight domestic stocks in their common stock portfolios (generally referred to as home bias). We find that, on average, U.S. home bias decreases for countries that mandate IFRS adoption, after controlling for country-fixed effects. We also find that the reduction in the U.S. home bias after the mandatory adoption of IFRS is greater for countries with larger differences between IFRS and their domestic accounting standards, for countries with a stricter rule of law and a common law legal origin, and in countries with greater incentives to report high-quality financial information. Overall, our results indicate that a common set of global accounting standards matters for portfolio holdings of U.S. investors and that U.S. investors regard the enforcement of standards to be a key factor in making investments outside the U.S. Data Availability: Data are publicly available.
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Noh, Minyoung, Doocheol Moon, and Laura Parte. "Earnings management using revenue classification shifting – evidence from the IFRS adoption period." International Journal of Accounting & Information Management 25, no. 3 (August 7, 2017): 333–55. http://dx.doi.org/10.1108/ijaim-07-2016-0071.
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Purpose This paper aims to provide evidence of an unintended observable consequence of International Financial Reporting Standards (IFRS) adoption by examining opportunistic use of earnings management through revenue as well as expense items classification shifting in the year of transition. Design/methodology/approach To document classification shifting, the authors take advantage of the Korean mandatory IFRS adoption in 2011, when broad discretion was given to publicly traded companies’ managers to present operating profits. Findings It is found that companies strategically use both revenues and expenses to manage core earnings at the time of transition by shifting other income as a common tactic to improve their operating performance and special expenses just to meet or beat earnings targets. Originality/value Given the concerns of the Securities and Exchange Commission (SEC) about classification shifting behavior and the debate over whether the SEC should mandate the use of IFRS for US companies, the findings of this study are timely and contribute to authors’ understanding of the unintended consequences of mandatory IFRS adoption.
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Wingard, Christa, Jan Bosman, and Bright Amisi. "The legitimacy of IFRS." Meditari Accountancy Research 24, no. 1 (April 11, 2016): 134–56. http://dx.doi.org/10.1108/medar-02-2014-0032.
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Purpose The purpose of this paper is to assess the influences on the due process of standard-setting with reference to the legitimacy of the financial reporting “soft law” that is International Financial Reporting Standards (IFRS). Design/methodology/approach This study uses a literature review to analyse the governance structures, due process steps, staffing and funding of IFRS standard-setting activities. The study also uses descriptive statistics to analyse constituent participation during the development of two IFRS standards. The mean, median and standard deviation are used as measures of location and dispersion when analysing constituent participation. Findings IFRS governance structures are dominated by G20 countries. The International Accounting Standards Board (IASB) depends on international accounting firms, the European Commission and the G8 countries for its financial viability. Well-resourced national standard-setters, major international companies, international accounting firms and educational institutions are able to second their staff to the IASB thereby providing them with direct lobbying opportunities. The IFRS due process procedures provide opportunities for participation but actual participation is dominated by constituents from Europe with African and South American constituents the least active. Practical Implications IFRS are required or permitted in over 100 countries. The IASB, with no legal or formal mandate, is performing a task normally reserved for national standard-setters. The legitimacy of IFRS is questionable if the standard-setting due process is perceived as invalid. Originality/value The global financial crisis exposed weaknesses in the IFRS due process when the IASB amended IAS 39 without following the due process. African and South American standard-setters should take note that their lack of participation in IFRS standard-setting, coupled with the influence of powerful stakeholders on IFRS standard-setting, could result in standards not relevant for their regions.
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Chua, Yi Lin, Chee Seng Cheong, and Graeme Gould. "The Impact of Mandatory IFRS Adoption on Accounting Quality: Evidence from Australia." Journal of International Accounting Research 11, no. 1 (January 1, 2012): 119–46. http://dx.doi.org/10.2308/jiar-10212.
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ABSTRACT Following the mandatory implementation of International Financial Reporting Standards (IFRS) in Australia as of January 1, 2005, this study examines its impact on accounting quality by focusing on three perspectives: (1) earnings management, (2) timely loss recognition, and (3) value relevance. Using four years of adoption experience since the mandate was first made effective in Australia for a wide range of accounting-based metrics and market-based information, we find that the mandatory adoption of IFRS has resulted in better accounting quality than previously under Australian generally accepted accounting principles (GAAP). In particular, the findings indicate that the pervasiveness of earnings management by way of smoothing has reduced, while the timeliness of loss recognition has improved post-adoption. Additionally, the value relevance of financial statement information has improved, especially for non-financial firms. This is despite the fact that there is evidence to suggest that financial firms are engaged in managing earnings toward a small positive target after the mandatory adoption of IFRS in Australia.
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Wang, Shiheng, and Serena Wu. "Compliance costs and comparability benefits of cross-listing." Asian Review of Accounting 27, no. 4 (December 2, 2019): 563–94. http://dx.doi.org/10.1108/ara-03-2019-0076.
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Purpose The purpose of this paper is to examine two channels through which accounting standard differences could affect cross-listing: compliance costs and/or comparability benefits. Design/methodology/approach The authors use two settings to disentangle the two channels. First, financial reporting requirements are more stringent for cross-listings via direct listings than cross-listings via depositary receipts; as a result, the effect of compliance costs (if any) would be manifested differently in the two venues of cross-listings. Second, some host countries allow foreign firms to report under International Financial Reporting Standards (IFRS) without mandating IFRS for domestic firms; compared to host countries that mandate IFRS for both domestic and foreign firms, these IFRS-permitting countries provide a setting to test the importance of comparability benefits while holding constant compliance costs. Findings The authors find that prior to IFRS adoption, direct listings decrease with accounting standards differences between two countries while depositary receipts increase with such differences, consistent with the costs of complying with host country’s accounting standards affecting firms’ cross-listing decisions. After the harmonization of accounting standards, the authors find that IFRS-mandating host countries gain cross-listings from other IFRS-mandating jurisdictions, while IFRS-permitting countries do not experience such gains. These combined results suggest that accounting related compliance costs and comparability benefits both influence cross-listing decisions. Originality/value The paper employs unique settings that enable an in-depth examination of the role of compliance costs vs that of comparability benefits on cross-listing decisions. The settings employed by the authors allow them to disentangle the two channels and provide an important insight that accounting standard-related compliance costs and comparability benefits both affect cross-listing decisions.
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Tasnim Rahman, Zarin, and Appel Mahmud. "Financial Disclosure Practices of Private Commercial Banks in Bangladesh: A Compliance Study." Asian Journal of Managerial Science 11, no. 1 (April 25, 2022): 17–22. http://dx.doi.org/10.51983/ajms-2022.11.1.3088.
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The study is based on analysis of compliance of prevailing accounting standards for the Private Commercial Banks in Bangladesh. This paper empirically analyzed the performance of disclosure in compliance with IFRS 7. 6 listed private banking companies taken as sample. To fulfil its objective, the annual reports and documents of all the sample banks are examined and obtained data from surveys. Since all of them are required to comply with the standard of IFRS 7 to disclose relevant financial information to uphold the stakeholders’ interest, the extent of deviation from the standards in terms of disclosure practice is also examined. The study found that average compliance of the standards is 72.77% by the banks. The highest rate of compliance found from individual compliance status of those companies is 80% with a negative deviation from average. However, the practices of disclosure in reporting are considerably good. Therefore, it is recommended that the regulatory authority and central bank of Bangladesh should mandate the compliance of IFRS 7 for disclosure in financial reporting.
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Irafahmi, Diana Tien, and Sulastri Sulastri. "Developing an Accounting Textbook Using Collaborative Learning and IFRS for Senior High School Students in Indonesia." Asian Journal of Accounting Research 1, no. 2 (August 31, 2016): 52–61. http://dx.doi.org/10.1108/ajar-2016-01-02-b003.
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The 2013 curriculum mandates the importance of collaborative learning designed to educate students to be more productive, creative, and innovative with a high level of affective skills. Collaborative learning can be manifested in the form of a textbook. This research is aimed at developing an accounting textbook in accordance with the mandate of the 2013 curriculum. The selected model is IDI which consists of three main phases: defining, developing and evaluating. The methods chosen are interview, observation, and document review which are analyzed qualitatively. The research was conducted in 4 senior high schools in Malang. The finding shows that at defining phase, there is a need to develop an accounting textbooks using collaborative learning and corresponding to the new accounting standards, namely IFRS. Therefore, at the developmental phase, we construct a prototype book ready to be evaluated. The result of evaluation phase shows that the textbook is valid on the overall aspects including the content, the presentation, the graphic, and the language, with an average percentage of 93.7%.
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Fullana, Olga, Mariano González, and David Toscano. "IFRS adoption and unconditional conservatism: an accrual-based analysis." International Journal of Accounting & Information Management 29, no. 5 (October 21, 2021): 848–66. http://dx.doi.org/10.1108/ijaim-05-2021-0093.
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Purpose In this paper we analyse the effect on unconditional conservatism of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European listed firms in January 2005. Under the hypothesis that accounting regulation influences the accounting conservatism, we use a non-market-based measure of unconditional conservatism – the accrual-based measure proposed by Givoly and Hayn (2000) – to test this effect, controlling for the other determinants of the unconditional conservatism found in the accounting literature. Design/methodology/approach We use a panel data of 10 years and 96 non-financial listed firms in the Spanish stock market in which the differences between local GAAP and IFRS are more important. A pre-estimation analysis of the data reveals that GLS with random effects is the correct estimation procedure. However, to try to deal with the likely endogeneity in the set of variables, the authors perform an estimate with a dynamic estimator for panels with few periods and many individuals where the independent variables are not strictly exogenous. Findings As expected, results show evidence that support a significant reduction on the unconditional conservatism of firms in the sample due to the adoption of IFRS. This evidence is relevant to equity market, debt market and corporate governance users of the financial information, and also for the policymakers who can assess the effects of their mandate. Research limitations/implications Results shown in this paper have all the limitations of system-, country-, sample- and event-specific studies but, along with many others drawn in alternative contexts, may help to correctly understand both the time-evolution and cross-sectional country differences of firms’ unconditional conservatism. Originality/value The study represents the first analysis of the effect of the adoption of IFRS on unconditional conservatism of the European listed companies using a non-market accrual-based measure. Results are not influenced by the dynamics of the stock market and, by comparison, allow us to analyse this influence in results provided by using market-based measures of the unconditional accounting conservatism provided by previous literature.
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El-Halaby, Sherif, Hesham Albarrak, and Rihab Grassa. "Influence of adoption AAOIFI accounting standards on earning management: evidence from Islamic banks." Journal of Islamic Accounting and Business Research 11, no. 9 (July 1, 2020): 1847–70. http://dx.doi.org/10.1108/jiabr-10-2019-0201.
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Purpose The economic consequence for adopting accounting standards is one of the growing and valuable topics in accounting research. The purpose of this paper is to address the question whether the adoption of Islamic standards that are issued by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFIs) has a positive effect on the level of earnings management (EM) in the Islamic banks (IBs) setting. The authors measure, in general, the impact of AAOIFI for adopter and non-adopter banks. This paper furthermore investigates whether IBs adopting AAOIFI as compulsory or as voluntary adopters, in general, are being less engaged in earnings manipulation. Design/methodology/approach Using empirical data from 143 IBs across 26 different countries from 2014 to 2018, the paper uses a linear regression model and probit regression analysis that group the banks investigated in this paper into adopters and non-adopters. Additional probit regressions were performed to test to what extent the status of AAOIFI adoption (compulsory or voluntary adopters) has an impact of EM. Findings The adoption of AAOIFI generally is associated with a reduction in the EM level. Furthermore, adopter IBs for AAOIFI is least involved in EM as compared to non-adopter IBs. In addition, the findings of this paper indicate that IBs across countries that mandate AAOIFI standards are less engaged in earnings manipulation as compared to other IBs in countries that adopt AAOIFI as voluntary standards. Research limitations/implications The results reported in this paper provide insights to central banks and regulators regarding the prominence of mandates of AAOIFI standards for IBs to enhance the trust level of stakeholders by reducing the unethical behavior (EM). In addition, this paper supports the applicability of AAOIFI standards for IBs rather than the conventional standards such as IFRS or local GAAP. Originality/value To the best of the authors’ knowledge, the findings are unique at two levels. First, the paper provides evidence on the economic consequences of using AAOIFI in the context of IBs which was not explored by previous research. Second, the paper extends the investigation of the impact of AAOIFI adoption for adopters verses non-adopters, as well as for mandatory verses voluntary adoption of AAOIFI.
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Hilliard, Theresa DiPonio, and Presha Neidermeyer. "The Impact of International Financial Reporting Standards (IFRS): Evidence from Canada." Studies in Business and Economics 11, no. 2 (August 1, 2016): 51–57. http://dx.doi.org/10.1515/sbe-2016-0020.
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Abstract The Canadian transition to IFRS provides a valuable IFRS learning opportunity. The Canadian transition and implementation of IFRS provides a unique opportunity to examine the conversion of financial reporting from a similar set of financial reporting rules as U.S. GAAP in a similar economic and business environment. The implementation and adoption of IFRS is not a monolithic event. Our ability to comprehensively understand and assess IFRS requires transparent disclosures such as those mandated by IFRS 1 and disaggregation of the equity components to observe and measure the impact of IFRS as it pertains to discretionary management implementation choices, material reclassifications, and GAAP-to-GAAP differences. Comprehensive knowledge of IFRS 1, First Time Adoption of International Financial Reporting Standards is crucial to our ability to assess the transitory and future impact of IFRS. IFRS 1 sets the precedent for financial reporting under IFRS, overrides transitional provisions included in other IFRS, and prescribes detailed disclosures. This detailed “rules-based” standard permits discretionary management policy choices which have material impact on transitory reporting as well as future financial results.
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Kim, Jeong-Bon, Xiaohong Liu, and Liu Zheng. "The Impact of Mandatory IFRS Adoption on Audit Fees: Theory and Evidence." Accounting Review 87, no. 6 (June 1, 2012): 2061–94. http://dx.doi.org/10.2308/accr-50223.
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ABSTRACT: This study examines the impact of International Financial Reporting Standards (IFRS) adoption on audit fees. We first build an analytical audit fee model to analyze the impact on audit fees for the change in both audit complexity and financial reporting quality brought about by IFRS adoption. We then test the model's predictions using audit fee data from European Union countries that mandated IFRS adoption in 2005. We find that mandatory IFRS adoption has led to an increase in audit fees. We also find that the IFRS-related audit fee premium increases with the increase in audit complexity brought about by IFRS adoption, and decreases with the improvement in financial reporting quality arising from IFRS adoption. Finally, we find some evidence that the IFRS-related audit fee premium is lower in countries with stronger legal regimes. Our results are robust to a variety of sensitivity checks. Data availability: Data are available from public sources identified in the paper.
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TAN, HONGPING, SHIHENG WANG, and MICHAEL WELKER. "Analyst Following and Forecast Accuracy After Mandated IFRS Adoptions." Journal of Accounting Research 49, no. 5 (August 29, 2011): 1307–57. http://dx.doi.org/10.1111/j.1475-679x.2011.00422.x.
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Liu, Chunhui, Lee J. Yao, and Michelle Y. M. Yao. "Value Relevance Change Under International Accounting Standards: An Empirical Study of Peru." Review of Pacific Basin Financial Markets and Policies 15, no. 02 (June 2012): 1150008. http://dx.doi.org/10.1142/s0219091511500081.
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In face of broad adoption of International Financial Reporting Standards (IFRS), the Securities and Exchange Commission (SEC) is considering its quality and acceptability. This paper reports a study that examines changes in value relevance with a sample of Peru firms mandated to use international accounting standards between 1999 and 2007. The period under study is broken into a period of International Accounting Standards (IAS) between 1999 and 2001, a period of early IFRS between 2002 and 2004, and a more recent period of IFRS between 2005 and 2007 by major changes to accounting standards. The empirical results generally indicate that value relevance improved from the IAS period to the early IFRS period when the International Accounting Standards Board (IASB) took over the International Accounting Standards Committee (IASC), but worsened from the early IFRS period to the recent IFRS period when more accounting standards started to reflect IASB's preference for fair value measurement of assets and liabilities. Quality weakens to a greater extent for firms with more discretion for fair value estimates. Further analysis shows that such changes are less likely to result from changes in economic conditions, but from the changes of the standards. The findings are particularly alarming in face of rising IFRS adoptions and call for quality improvement to IFRS.
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Jaggi, Bikki, Alessandra Allini, Francesca Manes Rossi, and Adele Caldarelli. "Impact of Accounting Traditions, Ownership and Governance Structures on Financial Reporting by Italian Firms." Review of Pacific Basin Financial Markets and Policies 19, no. 01 (March 2016): 1650001. http://dx.doi.org/10.1142/s0219091516500016.
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Institutional differences across countries present special challenges to achieve uniformity or at least harmony in financial reporting across countries. We evaluate in this paper how accounting traditions, ownership and governance structures of Italian companies affect implementation of the European Union mandated International Financial Reporting Standards (IFRS) by Italian companies. This evaluation will enable investors, especially international investors, to have a better understanding of financial reporting by Italian companies and it will also highlight the problems and issues facing Italian companies to implement IFRS.
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Sayumwe, Michel, and Claude Francoeur. "Who Really Benefits from Mandatory Adoption of IFRS? A Closer Look at Preparers and Users of Financial Information." Research in Applied Economics 9, no. 1 (March 30, 2017): 1. http://dx.doi.org/10.5296/rae.v9i1.10900.
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Since 1 January 2005, the European Union (EU) has mandated implementation of International Financial Reporting Standards (IFRS) for preparation of consolidated financial statements for EU-listed firms. This paper analyzes the economic impact of mandatory adoption of IFRS on firms, investors, and creditors. Relying on the positive accounting theory, we study the economic impact of the new conceptual framework of financial information from IASB (2010), especially in paragraph OB2, where investors and creditors are designated as the main users of financial information, and QC 38, which assesses whether the benefits of financial information justify the costs associated with its production and use. Our sample is composed of 2,926 European firms that adopted IFRS in 2005. Results show that firm’s cost of capital declines when comparing data before and after IFRS adoption. For creditors, our results suggest that credit rating improves after IFRS adoption. However, we do not notice any significant difference in the quality of accounting earnings for investors.We also test if these results hold in the presence of asymmetric information, financial dependence and family ownership structure. Our results confirm the above trend. We conclude that the market anticipates the content of accounting data, and that mandatory adoption of IFRS has no impact on investors.
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Marta, Tache. "Risk Disclosure and Firm Value: Evidence from the United Kingdom." Central European Economic Journal 8, no. 55 (January 1, 2021): 15–24. http://dx.doi.org/10.2478/ceej-2021-0002.
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Abstract The International Accounting Standard Board (IASB) aimed to increase the decision usefulness of firms’ risk disclosures with the 2007 introduction of the International Financial Reporting Standards (IFRS) 7. Specifically, listed firms were mandated to provide information to the market on both their (1) exposure and (2) risk management, which are associated with holding their financial instruments. This study investigates whether IFRS 7 financial instruments and their disclosures are associated with firm valuation. Using data on premiumlisted United Kingdom (UK) companies, for the period 2007–2019, I find evidence that firm value (proxied by Tobin's Q) is negatively associated with the quantity of IFRS 7 interest and credit risk disclosures. I further find that the market value decreases with the presence of quantitative information tabulated in the disclosures. The findings of this study have important implications for the IASB's standard-setting process.
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Shan, Yuan George, and Indrit Troshani. "The effect of mandatory XBRL and IFRS adoption on audit fees." International Journal of Managerial Finance 12, no. 2 (April 4, 2016): 109–35. http://dx.doi.org/10.1108/ijmf-12-2013-0139.
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Purpose – The purpose of this paper is to evaluate the impact of the International Financial Reporting Standards (IFRS) and eXtensible Business Reporting Language (XBRL) on audit fees based on evidence from listed companies operating in an emerging economy. Whilst IFRS constitute high-quality accounting standards, XBRL represents a technology standard that can enhance the usability of IFRS and overall financial reporting transparency. Design/methodology/approach – Multivariate analyses are used on a sample of 1,798 firm-year observations between 2000 and 2011 from companies listed in the Shanghai Stock Exchange that were subject to XBRL and IFRS adoption mandates. Findings – The main results suggest that XBRL has a main negative effect on audit fees which is weaker for larger firms. Additionally, the authors find that IFRS increases audit fees for all companies. Whilst this effect is positive for firms of different sizes, it is weaker for larger firms. Research limitations/implications – Whilst the findings are applicable to the selected sample and may or may not be generaliseable to other economies, they can provide important implications for both regulators and companies that are undertaking IFRS convergence and XBRL implementation projects in developing economies around the world. Originality/value – This study offers a timely assessment of the economic consequences of IFRS and XBRL on listed companies operating in an emerging economy, in addition to providing an important basis upon which further research can be designed in order to extend the analysis.
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Patro, Archana. "Informational Consequences of Mandatory IFRS Adoption in China." International Journal of Accounting and Financial Reporting 8, no. 3 (July 24, 2018): 295. http://dx.doi.org/10.5296/ijafr.v8i3.13499.
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In China, International Financial Reporting Standards (IFRS) have become mandatory for listed firms in 2007. While earlier research on “voluntary” adopters has provided valuable insights on the impact of IFRS disclosure, these results cannot be generalised in a mandatory setting. We expect effects from mandatory IFRS adoption to be different from those documented for voluntary IFRS adopters since the former group is essentially forced to adopt IFRS. The empirical model, relating to stock price synchronicity with adoption of IFRS, and other firm-specific control variables were analysed using both univariate and multivariate techniques. Different types of panel data estimates were used and compared so as to interpret the results with the best-suited parameters for different data sets for different markets. Studying data covering the period from 2001-2013, the present study examines whether mandatory adoption of IFRS reduces Stock Price Synchronicity for Chinese firms. The empirical results show that IFRS adoption improves information environment by the capitalization of firm-specific information into stock prices, thereby reduces the Stock Price synchronicity. The paper further examines if the information impact was homogeneous across industries. This pattern of decrease in stock price synchronicity after adoption of IFRS is different for different industries taken for analysis. Aerospace & Defense, Automobiles Beverages, Metals & Mining, Retailer& Real Estate Operations have reduced synchronicity but other industries such as Biotech, Electric utilities, Electronic, Leisure products, Renewable energy and Telecom have increased synchronicity. For these industries, the low reliance on market wide information makes reasonable economic sense because they have relatively low demand elasticity. Hence, in demand inelastic industries, future price sensitive factors remain constant and so a changed IFRS accounting regime has little marginal impact. This study provides a different methodological approach by concentrating on Industry wide information effects from the mandatory adoption. These findings have important implications that apply not only to China, but also to other emerging and transitional economies such as India where IFRS is yet to be mandated. Moreover it will help regulators, academicians and practitioners to assess the informational benefit of adopting IFRS.
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ELOSIUBA, J. N., and Emma OKOYE. "EFFECT OF INTERNATIONAL FINANCIAL REPORTING STANDARD ON CORPORATE PERFORMANCE OF SELECTED BANKS LISTED ON NIGERIA STOCK EXCHANGE." Annals of Spiru Haret University. Economic Series 18, no. 1 (March 30, 2018): 77–104. http://dx.doi.org/10.26458/1813.
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In the light of globalisation where foreign investment has become trendy, comparability of financial reports of Nigerian firms and those of other firms across the world has become a concern. Nigerian firms has been mandated to adopt the International Financial Reporting Standard (IFRS) is their financial reporting. This study has examined the effect of the IFRS adoption on the reported performance of Nigerian banks listed on the Nigerian Stock Exchange. Eight (8) out of the fourteen (14) quoted banks were selected for the study. Four indices of performance employed in the study are profitability using the Return on Equity, Liquidity using total deposit to total loan, loan grants and then market value measured by Price earnings ratio for the period (2011 and 2012). 2011 represented GAAP era while 2012 stands for IFRS adoption. A comparability index for the banks were computed using the Excel Spreadsheet for each of the banks on each variable. Then the One Sample Test was employed for the analyses. The mean was used to answer the research question while the t-statistics tested the hypotheses. The results showed that mean values for profitability, liquidity and market value are greater in the GAAP era (2011) than in the IFRS period (2012), while loan grant has higher for IFRS period (2012). The t-tested indicated none of the variables had significant effect. Thus the study concluded that IFRS adopted does not have significant effect on bank performance reported in 2011 and 2012. The use of IFRS for all firms as well as incorporation of IFRS guideline in professional training are recommended by this study.
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Ramachandra, Suresh, Karin Olesen, Anil Kumar Narayan, and Alexander Tsoy. "Compliance with international financial reporting paradigm: A tale of two transition paths." Corporate Ownership and Control 11, no. 4 (2014): 338–54. http://dx.doi.org/10.22495/cocv11i4c3p5.
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This study assesses the effectiveness of contrasting regulatory approaches taken by two transition economies, namely Russia and Kazakhstan, to bring about the organisational changes prompted by International Financial Reporting Standards (IFRS). Taking International Accounting Standard (IAS) 36, with specific reference to impairment of goodwill, this paper evaluates the compliance patterns resulting from voluntary adoption by Russia and the mandated approach of Kazakhstan. The results indicate an increasing trend in the levels of compliance by Russian and Kazakhstan firms with Russian firms surpassing the latter which is argued to be due to the contrasting approaches to IFRS adoption in both countries. Policy and regulatory implications to transition countries contemplating on shifting to the principles based paradigm is also discussed.
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Wade, Tara, Shellye Suttles, and Derek Farnsworth. "The Electronic Logging Device Mandate and Costs for Refrigerated Citrus." EDIS 2020, no. 6 (November 3, 2020): 6. http://dx.doi.org/10.32473/edis-fe1086-2020.
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Speedy truck transportation is required to get products like fresh produce from the farm to the grocery store before it spoils. The Electronic Logging Device (ELD) Mandate from the Federal Motor Carrier Safety Administration could significantly affect trucking costs for agricultural producers. This 6-page publication written by Tara Wade, Shellye Suttles, and Derek Farnsworth and published by the UF/IFAS Food and Resource Economics Departmentuses truck shipment data to analyze transportation costs and identifies potential future effects of the ELD Mandate.https://edis.ifas.ufl.edu/fe1086
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Alzeban, Abdulaziz. "The association between internal audit department characteristics and IFRS compliance." Asian Review of Accounting 26, no. 3 (September 10, 2018): 336–58. http://dx.doi.org/10.1108/ara-03-2017-0054.
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Purpose The purpose of this paper is to analyze whether internal audit (IA) influences the successful implementation of the International Financial Reporting Standards (IFRS). From January 2017, listed companies in Saudi Arabia have been mandated to adopt the IFRS. Conducted in the 2014–2016 years before this deadline, the study investigates the readiness of IA departments in the Kingdom to adopt the IFRS in their totality, as required, by January 2017. Design/methodology/approach Data were collected for the period 2014 and 2016, two years after the announcement of the intended adoption of the standards, and hence, two years into the five-year preparation period. Data obtained from 78 chief internal auditors from listed companies in Saudi Arabia, and the extraction of information from companies’ annual reports. Findings Results of regression analysis show a significant association between the readiness for IFRS adoption and IA size and IA staff training. In firms that adopted the IFRS in the period before the mandatory implementation, IA is weak in the role of monitoring. In this connection, it is demonstrated that the adoption and implementation of the IFRS are likely to be more effective when IA reports directly to the audit committee rather than to management. Further, the results reveal that the Hausman test is not significant for the IA characteristics. Hence, there is implication that the measurement instruments used in the study are exogenous and do not associate with the error term. Originality/value The new insights into the impact of IA on IFRS adoption, gained from studying this issue within the oil-based Saudi Arabian economy, represent a contribution to the IA literature. The results of this study provide new insights to several stakeholders. First, to academia, which can benefit from new IA knowledge and understanding in the specific context of the Kingdom of Saudi Arabia (KSA), which can be representative of the Gulf region and the wider Arab World. Second, to policy-makers and practitioners in the KSA and other Middle-Eastern, Asian and developing countries that share similar cultural predispositions, socio-economic institutions and/or general socio-economic environments. Additionally, it offers insights for small- to medium-sized companies that have not thus far, adopted the IFRS.
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Al-Qudah, Laith Akram. "Measuring the Level of Accounting Conservatism Pre-and Post-IFRS Adoption in Jordan: The Modified Role of the COVID-19 Pandemic." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 19 (October 21, 2022): 1689–705. http://dx.doi.org/10.37394/23207.2022.19.153.
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The purpose of this study is to assess the level of accounting conservatism among Jordanian industrial companies listed on the Amman Stock Exchange. Using the methodology utilized in this analysis, the study compares the succeeding period to the time previous to the required use of International Financial Reporting Standards (IFRS) (Basu, 1997). Furthermore, the study assesses the level of accounting conservatism in the firms studied during the COVID-19 epidemic. A cross-sectional examination of time series data from 2002 to 2021 was used in this study. The study community included 54 Jordanian industrial companies registered on the Amman Stock Exchange. To derive the findings, the study used an analytical-descriptive technique to gather and analyze data. The findings show that the concept of accounting conservatism was used for accounting profits prior to the mandated use of IFRS (2002–2008), although at a low level. The research also found that the companies that were evaluated had implemented the concept of accounting conservatism for accounting profits throughout the time after the compulsory use of IFRS (2009–2019), but to a high degree. This was observed in the second part of the study. The study’s results showed that accounting rules got stricter after the COVID-19 epidemic hit in 2020 and kept going through 2021.
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Fasone, Cristina. "Do Independent Fiscal Institutions Enhance Parliamentary Accountability in the Eurozone?" Politics and Governance 9, no. 3 (August 13, 2021): 135–44. http://dx.doi.org/10.17645/pag.v9i3.4244.
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Independent fiscal institutions (IFIs) have been established or reformed in all eurozone countries following the reform of economic governance. As they are expected to counter the deficit bias of the governments and the information asymmetry of the legislatures and the public over the management of the budget, IFIs may support or even strengthen parliamentary accountability. This hypothesis is tested with regard to three IFIs, the Irish Fiscal Advisory Council, the Italian Parliamentary Budget Office, and the Spanish Independent Authority for Fiscal Responsibility. Although the economic context in which the IFIs were created was similar in the three eurozone countries, as was their mandate, these institutions have a rather different institutional positioning, being within the Parliament, in Italy; within the Executive, in Spain; and a stand-alone body in Ireland. This is likely to influence the IFIs’ contribution to parliamentary accountability, we hypothesize that the closer the position of an IFI and its contacts to the parliament, the stronger is the scrutiny of the executive on budgetary policies. The analysis of parliamentary questions, hearings, and of the activation of the ‘comply or explain’ procedures shows that, overall, the IFIs’ potential role to enhance parliamentary accountability has remained underexploited by the three legislatures, with no significant differences as for the institutional positioning of the IFI.
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Roka, Fritz, Tara Wade, Luis Peña-Lévano, and Craig Sprouse. "El Mandato del Dispositivo de Registro Electrónico, reglas de las horas de servicio e Implicaciones para los Transportistas de Productos del Sudoeste de Florida." EDIS 2019, no. 3 (July 1, 2019): 6. http://dx.doi.org/10.32473/edis-fe1058-2019.
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El Mandato del Dispositivo de Registro Electrónico (ELD por sus siglas en ingles), se convirtió en mandato para vehículos motorizados comerciales (CMV) el 18 de diciembre del 2017. El 18 de junio del 2018, después de 90 días de extensión, el mandato también se aplicó a transportistas de productos. El propósito principal detrás del ELD fue asegurar el cumplimiento con los requerimientos de Horas de Servicio (HOS) por autotransporte y sus conductores. Este artículo se enfoca en el movimiento interestatal de propiedades (productos), and sus objetivos son: 1) revisar las reglas HOS; 2) clarificar las excepciones agrícolas a las reglas HOS; y 3) ofrecer una discusión preliminar a cómo los ELD podrían afectar a los productores del sur de Florida. Fritz Roka, Tara Wade, Luis Peña-Lévano, y Craig Sprouse. UF/IFAS Food and Resource Economics Department. http://edis.ifas.ufl.edu/fe1058
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Amaral, Nelson Cardoso. "Autonomia e financiamento das IFES: desafios e ações." Avaliação: Revista da Avaliação da Educação Superior (Campinas) 13, no. 3 (November 2008): 647–80. http://dx.doi.org/10.1590/s1414-40772008000300003.
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Este estudo tem como objetivo discutir o processo de autonomia e financiamento das Instituições Federais de Ensino Superior (IFES) nos últimos anos, sobretudo no período 1995-2006, abrangendo todo o governo de Fernando Henrique Cardoso e o primeiro mandato do governo de Luiz Inácio Lula da Silva. São analisadas as origens do financiamento das IFES, o caminho percorrido pelas propostas para se definir a autonomia das instituições, os limites impostos pela desigualdade social à expansão do setor privado, as fontes de financiamento da educação superior, os desafios existentes neste campo, e examina, ainda, possíveis ações a serem implementadas neste importante conjunto de instituições que desempenha um papel fundamental para a correção das desigualdades regionais brasileiras.
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Chung, Hae Jin. "The Effects of New Accounting Standards on Firm Value: The K-IFRS 1116 Lease." International Journal of Financial Studies 10, no. 3 (August 16, 2022): 68. http://dx.doi.org/10.3390/ijfs10030068.
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We examine how the implementation of the K-IFRS No.1116 Lease affects firm value. This new accounting standard mandates capitalization of all leases, resulting in changes in the key accounting leverage ratios and rates of return. The contracting costs hypothesis suggests that changes in accounting techniques have economic consequences because lending contracts are expressed in terms of accounting numbers. We find that capitalizing operating leases, which were off-balance-sheet transactions prior to K-1116 implementation, increases the lease liabilities-to-assets ratio and lease liabilities-to-debt ratio significantly. While a firm’s business fundamentals do not change with the K-1116, we show that the value of firms that use high levels of operating leases decreased with the implementation of K-1116. The declines in firm value are significant for the subgroups of firms that are likely to raise external financing, suggesting that the implementation of K-1116 increased the level of financing frictions and decreased the value of future investment opportunities.
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Nahar, Shamsun, Mohammad Azim, and Christine Jubb. "The determinants of risk disclosure by banking institutions." Asian Review of Accounting 24, no. 4 (December 5, 2016): 426–44. http://dx.doi.org/10.1108/ara-07-2014-0075.
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Purpose The purpose of this paper is to investigate the extent of risk disclosure and the factors determining this for all listed banks in Bangladesh. Design/methodology/approach Relying on a theoretical framework based on agency theory and the creation of a risk disclosure index (RDI) based on International Financial Reporting Standard (IFRS) 7, Basel II: market discipline, and prior literature, hand-collected data from the annual reports of all 30 banks traded on the Dhaka Stock Exchange over 2007-2012, creating 180 bank-year observations, are analysed. Findings The study suggests that implementation of IFRS 7 and Basel II: market discipline standards in a non-mandated environment raised the extent of risk disclosure in every category of financial institution risk (market, credit, liquidity, operational and equities). The effect can be attributed to regulatory concerns and voluntary adoption of international disclosure standards in the banking industry in Bangladesh. Specifically, whilst the determinants of disclosure vary across types of risk, the number of risk committees, leverage, company size, the existence of a risk management unit, board size and a Big4 affiliate auditor are significant determinants of at least one category of risk disclosure. Research limitations/implications The source of risk disclosures is limited to listed banks’ annual reports. Practical implications The RDI, developed in this paper, contributes to the literature by: first, quantifying the extent of each of five types of risk disclosure; and second, identifying the factors determining them. Stakeholders, particularly depositors and investors, can use this index to select or monitor their bank of interest. Originality/value The RDI was developed according to the most relevant standards – IFRS 7 and Basel II: market discipline, plus prior scholarly literature. This type of benchmarking has not been conducted to date in previous studies. Inferences about risk disclosure are based on archival data derived from all listed banks in a virtually unregulated environment. Further, the study complements the literature by providing support for the applicability of agency theory in investigating the level of risk disclosure by banks.
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Caban-Garcia, Maria T., and Haihong He. "Comparability of Earnings in Scandinavian Countries: The Impact of Mandatory IFRS Adoption and Stock Exchange Consolidations." Journal of International Accounting Research 12, no. 1 (December 1, 2012): 55–76. http://dx.doi.org/10.2308/jiar-50383.
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ABSTRACT This study examines the impact on the comparability of earnings of two important events that occurred in 2005 in the Scandinavian region: the European Union-mandated adoption of International Financial Reporting Standards (IFRS) and the mergers between the three national exchanges of Denmark, Finland, and Sweden. Our tests follow two approaches. The first approach relies on mean-centered earnings/price multiples following Land and Lang (2002) to determine if the multiples converge in the 2005–2008 period. Our results show that all countries except Finland experienced a lower mean-centered earnings/price ratio in the 2005–2008 period. Additionally, in the 2005–2008 period, the mean-centered earnings/price ratio in Norway deviates from the region's mean more than it deviates from the mean in Finland, Denmark, and Sweden, even after controlling for other firm and country factors. Our second approach uses a firm-year comparability measure (De Franco et al. 2011) calculated during the 2001–2004 and 2005–2008 periods to assess whether comparability increases during the 2005–2008 period. Since the two events in our study are contemporaneous, we use Norway as a benchmark to separate the effect of IFRS from that of harmonized regulation after the merger. The results generally show that comparability is significantly higher during the 2005–2008 period in all countries. Our multivariate tests also confirm that comparability increases (although marginally) for all OMX Nordic Exchange countries, relative to Norway, from the 2001–2004 to the 2005–2008 period. Data Availability: Data are available from public sources indicated in the paper.
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Schlenther, Bernd Otto. "Addressing illicit financial flows in Africa." Journal of Financial Crime 23, no. 4 (October 3, 2016): 1074–91. http://dx.doi.org/10.1108/jfc-01-2016-0002.
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Purpose This paper aims to identify the underlying key components of illicit financial flows (IFFs) and highlights the priority areas where government resources should be pooled under a whole of government approach to mitigate the risks posed by IFFs. These areas are tax avoidance and tax evasion (specifically intra-company profit shifting, investment and profit shifting within the extractive sector, fraud and beneficial ownership), anti-corruption measures, governance and accountability measures, anti-money laundering effectiveness and effectiveness in the detection of falsified customs declarations. Design/methodology/approach The concept of IFFs is emerging as an umbrella term for bringing together seemingly disconnected issues. The concept is ill-defined, but there are various identifiable components supporting the term IFF such as capital flight, corruption, money laundering, tax avoidance, tax havens and transfer pricing practices. The author identifies the key areas of concern through a literature review and recommends prioritization of short- to medium-term risk areas and long-term policy imperatives. Findings In the short- to medium-term, an effective “whole-of-government” approach should be based on uniform risk identification and prioritization between mandated government agencies and in the long run, it should be focused on building responsive and effective institutions through a process of good governance and effective taxation. Originality/value A large body of literature deals with “IFFs” and the “whole-of-government approach” as separate concepts. This paper draws on the existing literature and identifies priority areas for addressing IFFs, and, for these to be successful, they are entirely dependent on a whole-of-government approach – both in the short and long run.
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Saaristo, P., and T. Aloudat. "(A187) Red Cross Volunteers' Roles in Epidemic Control: Community-Level Interventions during Cholera Outbreaks in Zimbabwe and Haiti." Prehospital and Disaster Medicine 26, S1 (May 2011): s53. http://dx.doi.org/10.1017/s1049023x1100183x.
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Managing epidemics, or preferably, preventing them, is a priority for the International Federation of the Red Cross (IFRC). The IFRC response to the cholera outbreaks in Zimbabwe in 2009 and in Haiti in 2010 both included: the Emergency Response Unit system as the backbone, and the International Red Cross Movement helped the National Red Cross Society fulfill its humanitarian mandate during the emergency. Water and Sanitation units and Basic Health Care Units cooperated seamlessly to ensure consistency and effectiveness in the activities. A large part of the International Red Cross and Red Crescent Movement response is performed by community-based volunteers. During both outbreaks, the Red Cross put special focus on community-level interventions. In both countries, the National Red Cross Society, supported by the International Federation of the Red Cross, trained volunteer groups using a local adaptation and translation of the IFRC training package for emergency health and epidemic control. Research has shown that community volunteers frequently lack the background information necessary for a quick and efficient response to epidemics, especially when they are located in areas that do not benefit from the support and guidance of health professionals. This is particularly true in developing countries that often lack sufficient healthcare facilities and staff. To help fill those gaps, the IFRC launched a training package — Epidemic Control for Volunteers — more effectively involving volunteers in the epidemic management. It provides volunteers with a basic understanding of the diseases that can easily turn into epidemics. This training package is intended for volunteers and trainers in local branches of Red Cross and Red Crescent societies. It teaches them how they can help limit the number of victims, act quickly and effectively, and define their role in the community before, during, and after an epidemic.
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Bahr, Nathan C., Katherine Janssen, Joanne Billings, Gabriel Loor, and Jaime S. Green. "Respiratory Failure due to Possible Donor-DerivedSporothrix schenckiiInfection in a Lung Transplant Recipient." Case Reports in Infectious Diseases 2015 (2015): 1–5. http://dx.doi.org/10.1155/2015/925718.
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Background. De novo and donor-derived invasive fungal infections (IFIs) contribute to morbidity and mortality in solid organ transplant (SOT) recipients. Reporting of donor-derived IFIs (DDIFIs) to the Organ Procurement Transplant Network has been mandated since 2005. Prior to that time no systematic monitoring of DDIFIs occurred in the United States.Case Presentation. We report a case of primary graft dysfunction in a 49-year-old male lung transplant recipient with diffuse patchy bilateral infiltrates likely related to pulmonarySporothrix schenckiiinfection. The organism was isolated from a bronchoalveolar lavage on the second day after transplantation. Clinical and radiographic responses occurred after initiation of amphotericin B lipid formulation.Conclusion. We believe that this was likely a donor-derived infection given the early timing of theSporothrixisolation after transplant in a bilateral single lung transplant recipient. This is the first case report of sporotrichosis in a lung transplant recipient. Our patient responded well to amphotericin induction therapy followed by maintenance therapy with itraconazole. The implications of donor-derived fungal infections andSporothrixin transplant recipients are reviewed. Early recognition and management of these fungi are essential in improving outcomes.
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Boone, Jeff P., Cheryl L. Linthicum, and April Poe. "Characteristics of Accounting Standards and SEC Review Comments." Accounting Horizons 27, no. 4 (July 1, 2013): 711–36. http://dx.doi.org/10.2308/acch-50551.
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SYNOPSIS As mandated by Sarbanes-Oxley, the SEC reviews the financial reports of public companies and challenges the appropriateness of accounting that seems questionable or unclear. We investigate whether the likelihood of an SEC comment (challenge), and the time needed to resolve such comments, depends upon either of two characteristics of the underlying accounting standard—rules and accounting estimates. We find that the probability of an SEC comment increases with the rules-based characteristics in the standard, but find little evidence that time to resolution is related to such characteristics. We also find that the extent of estimates required to implement the standard is positively associated with both the probability of an SEC comment and the time to resolve the comment. Our findings should help inform the debate over the appropriate level of rules and estimates in GAAP, and are especially timely in light of the potential convergence between more rules-based U.S. GAAP and more principles-based IFRS GAAP. Data Availability: Data are available from public sources.
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Lamoreaux, Phillip T., Paul N. Michas, and Wendy L. Schultz. "Do Accounting and Audit Quality Affect World Bank Lending?" Accounting Review 90, no. 2 (July 1, 2014): 703–38. http://dx.doi.org/10.2308/accr-50865.
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ABSTRACT We investigate the role of accounting and audit quality in the allocation of international development aid loans provided by the World Bank. This aid is crucial to improve governance functions, infrastructure, and capital markets, and the accounting and audit environments in a country can provide the World Bank with confidence that aid is being used as intended rather than being diverted for personal or political gain. We find that development aid loans are higher for countries with stronger accounting quality, where IFRS use is mandated, and where the audit environment is stronger. However, we also find that United States geo-political interests influence these results. Specifically, the World Bank appears to “overlook” accounting and audit quality in countries where geo-political interests are relatively aligned with those of the U.S. Finally, we find that accounting and auditing matter only in countries with relatively high corruption levels, indicating that the World Bank has greater trust that accounting and auditing are of relatively high quality in low-corruption countries. Data Availability: All data are publicly available.
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Yulianto, Irfan, Budy Wiryawan, and Am Azbas Taurusman. "ECOSYSTEM APPROACH TO REEF FISHERIES MANAGEMENT IN WEH ISLAND, NANGROE ACEH DARUSSALAM." Indonesian Fisheries Research Journal 17, no. 2 (February 9, 2017): 53. http://dx.doi.org/10.15578/ifrj.17.2.2011.53-61.
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Fisheries management has been traditionally governed to maximize economic benefit with little concern on its ecological impacts. Food and Agriculture Organization with its Code of Conduct for Responsible Fisheries has played an important role to a fundamental change in the new paradigm of fisheries management, which include ecosystem aspect. The Food and Agriculture Organization has mandated that every country in the world should use this approach. Weh Island is located in AcehProvince that has good coral reef condition and rich in reef fishes, therefore reef fishery is prominent. The objectives of this study are (1) to study the ecological status of reef fish, and (2) to formulate the priority areas as candidates of marine protected areas in Weh Island. Fish catch survey, underwater visual census, and focus group discussion were conducted to collect data. Data analysis used fish biomass, financial analysis, linear goal programming, and marxan analysis. Results of this study successfully identified eight fishing gears operated in Weh Island in artisanal reef fisheries. These fishing gears are gillnet, bottom gillnet, handline, muroami, trolline, speargun, longline, and purseseine. There were 84 species identified as high economic value species and were modelled in this study. Gillnet and bottom gillnet were identified as optimum fishing gears. I.e. Meulee, Anoi Itam, Iboih, Jaboi, and Klah Island were identified as priority areas.
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Fredy, Fredy, and Wa Ode Siti Hamsinah Day. "STRATEGI PENGEMBANGAN KOMPETENSI GURU SEKOLAH DASAR." Prima Magistra: Jurnal Ilmiah Kependidikan 3, no. 1 (November 11, 2021): 30–40. http://dx.doi.org/10.37478/jpm.v3i1.1312.
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The mandate of the law provides instructions teachers have four competencies, including pedagogic, personal, social, and professional. In its implementation, there are still many obstacles by teachers. Lack of skills in applying curriculum 2013, understanding the characteristics of students, knowledge of learning materials, the use of various and innovative learning models and methods, and the use of ICT in learning are obstacles by teachers. This study aims to the strategy of teacher competency development. A qualitative and descriptive approach became the method of this research, using the subject of an elementary school teacher in Bombana district. Data obtained from questionnaires and interviews were analyzed using the IFAS matrix analysis (internal factors analysis summary), EFAS (external factors analysis summary), and SWOT (strengths, weaknesses, opportunities, and threats). The results research an overview of the strategies implemented using the turnaround strategy, taking advantage of existing opportunities to overcome the weaknesses of the teachers for social, professional, and pedagogic competencies. The strategy for personal competence with an aggressive strategy is to use the strengths possessed by the teachers in order to take advantage of the opportunities that exist optimally.
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Satria, Fayakun, and Lilis Sadiyah. "POSSIBLE USE OF LENGTH-BASED SPAWNING POTENTIAL RATIO FOR SKIPJACK (Katsuwonus pelamis) IN INDONESIA’S ARCHIPELAGIC WATERS." Indonesian Fisheries Research Journal 23, no. 1 (October 17, 2017): 45. http://dx.doi.org/10.15578/ifrj.23.1.2017.45-53.
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A harvest strategy development for skipjack tuna (Katsuwonus pelamis - SKJ) fishery within Indonesia’s archipelagic waters (Indonesian Fisheries Management Areas - FMAs 713-715) has been initiated, which is mandated within its National Tuna, Skipjack and Neritic Tuna Management Plan. Information on the stock status or indicator is needed, since it is one essential component of a harvest strategy. In fact, the lack of catch and effort data from Indonesian fishery, in general, is still an international concern. A method to assess the stock status for data poor fisheries namely Length-based Spawning Potential Ratio (LB-SPR) was developed. This study attempted to investigate a possible use of the LB-SPR to estimate spawning potential ratios of SKJ using length data from Indonesian pole and line fishery collected by the port-based sampling program (a collaborative project between Indonesia and the Western and Central Pacific Fisheries Commission (WCPFC). There is a decreasing trend in the estimated SPR from 2010 to 2015 unless 2014, indicating that impact of fishing on the resources increased over the study period. If the SPR20% is adopted as limit SPR, then the estimated values of SPR less than SPR20% suggested that recruitment overfishing might be occurring. In fact, the results should be considered as preliminary results, as the size data of SKJ from pole and line might not be capturing large SKJ or the nature of SKJ in Archipealgic waters has smaller size in general compare to other region that potentially hampered the asymptotic selectivity assumption within the LB-SPR model underestimating the SPR. Further work is required to gather complete representative of length data of SKJ covering all length classes of the fishery.
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Brown, Michael, Zachary McKay, Yuanfan Yang, Darell Bigner, Smita Nair, and Matthias Gromeier. "739 Intratumor childhood vaccine-specific CD4+ T cell recall helps antitumor CD8 T cells." Journal for ImmunoTherapy of Cancer 9, Suppl 2 (November 2021): A770. http://dx.doi.org/10.1136/jitc-2021-sitc2021.739.
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BackgroundPVSRIPO, a recombinant poliovirus derived from the live-attenuated Sabin oral polio vaccine strain, is being tested in multi-institutional phase II clinical trials for recurrent glioblastoma (NCT04479241) and unresectable, PD-1 refractory melanoma (NCT04577807) in combination with PD1 blockade. PVSRIPO capsid is identical to the Sabin vaccine strain and >99% identical to the inactivated Polio vaccine (IPOL, Salk), against which public health mandated childhood vaccination is near universal. In non-vaccinated mice, PVSRIPO mediates antitumor efficacy in a replication-dependent manner via engaging innate inflammation and antitumor T cells. Accordingly, it is anticipated that pre-existing immunity to PVSRIPO impedes antitumor therapy. However, recent evidence indicates that immunological 'recall', or reactivation of memory T cells, may mediate anti-tumor effects.MethodsThe impact of prior polio vs control (KLH) vaccination on intratumor viral replication, tumor inflammation, and overall tumor growth after intratumor PVSRIPO therapy was assessed in murine tumor models. The role of polio capsid and tetanus recall antigens in mediating intratumor inflammation and antitumor efficacy was similarly studied in mice non-permissive to PVSRIPO infection. To mechanistically define antitumor effects of polio recall, B cell and CD8 T cell knockout mice were used, in addition to adoptive transfer of CD4+ T cells from vaccinated mice. Intratumor polio or tetanus recall antigen therapy was performed after OT-I transfer (OVA-specific T cells) in the B16-OVA melanoma model to gauge antitumor T cell activity. Lastly, the inflammatory effects of polio and tetanus antigens was tested in human peripheral blood mononuclear cells (PBMCs).ResultsDespite curtailing intratumor viral replication, prior polio vaccination in mice potentiated subsequent antitumor efficacy of PVSRIPO. Intratumor recall responses induced by polio and tetanus antigens also delayed tumor growth. Recall antigen therapy was associated with marked intratumor influx of eosinophils, conventional CD4+ T cells, and increased expression of IFN-g, TNF, and Granzyme B in tumor infiltrating T cells. The antitumor efficacy of polio recall antigen was mediated by CD4+ T cells, partially depended upon CD8+ T cells, and was impaired by B cells. Both polio and tetanus recall antigen therapy bolstered the antitumor function of tumor-specific OT-I CD8+ T cells. Polio and tetanus antigens induced CXCL10 and type I/II/III IFNs in PBMCs in vitro.ConclusionsChildhood vaccine-specific CD4+ T cells hold cancer immunotherapy potential. In the context of PVSRIPO therapy, antitumor and inflammatory effects of polio vaccine-specific CD4+ T cell recall supersedes inhibitory effects of attenuated intratumor viral replication, and represents a novel mechanism of action.Ethics ApprovalThe animal work described in this study was approved by the Duke University IACUC.
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Gisslinger, Heinz, Veronika Buxhofer-Ausch, Josef Thaler, Ernst Schloegl, Guenther A. Gastl, Dominik Wolf, Robert Kralovics, et al. "Efficacy and Safety Of AOP2014/P1101, a Novel, Investigational Mono-Pegylated Proline-Interferon Alpha-2b, In Patients With Polycythemia Vera (PV): Update On 51 Patients From The Ongoing Phase I/II Peginvera Study." Blood 122, no. 21 (November 15, 2013): 4046. http://dx.doi.org/10.1182/blood.v122.21.4046.4046.
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Abstract Background AOP2014/P1101 is a novel, investigational mono-pegylated proline-interferon alpha-2b. In contrast to other pegylated IFNs, AOP2014/P1101 consists of one predominant isoform. AOP2014/P1101 has Orphan Drug Designation in EU and USA for treatment of patients with PV. Study design Long term efficacy and safety data are being collected in the follow-up extension stage of the study (collecting the data of both Phase I and Phase II portions of the study), after the maximum tolerated dose (MTD) of AOP2014, administered subcutaneously every 14 days, has been defined earlier. Patients with confirmed PV diagnosis, age ≥18 years, both naïve and cytoreduction pre-treated were eligible. After establishing the MTD, an extended cohort of 25 additional patients has been planned to be recruited. Complete hematological response (CR) is defined by Hct<45%, platelet count≤400*109/L, WBC count≤10 *109/L, normal spleen size by sonography, and absence of thromboembolic events. Partial response (PR) is defined as haematocrit <45% without phlebotomy but with persistent splenomegaly or elevated (>400*109/L) platelet count, or reduction of phlebotomy requirements by at least 50%. Complete molecular response has been defined as reduction of any molecular abnormality to undetectable levels; partial molecular response as: reduction ≥ 50% in patients with < 50% mutant allele burden, or a reduction ≥ 25% in patients with > 50% mutant allele burden. Results Study completed recruitment late 2012, after inclusion of 51 patients. Data on treatment by March, 31, 2013, are covered by the current analysis. Median time from diagnosis to inclusion was 2 years (Q1-Q3: 1.0-6.0). 20 patients (39%) were pre-treated with HU prior to study entry. Median number of phlebotomies in the past 3 months prior to inclusion was 1 (range 0–8), a total of 31 patients (61%) were regularly phlebotomized at least once in three months prior to study entry. 11 patients (22%) had a history of thrombotic complications. Median Hct at baseline was 43% (Q1-Q3: 41-44). Median WBC and platelet counts were 11.1*109/l (Q1-Q3: 9.3–13.6) and 415*109/l(Q1-Q3: 316-583), respectively. 17 of 46 (67%) evaluable patients had spleen >12cm in length at baseline (by ultrasound). Median JAK2 allelic burden at baseline was 48% (Q1-Q3: 29-71). The median reported treatment duration is 345 days, 25 patients completed were followed up for at least one year. After six months of treatment (35 evaluable patients), 60% of patients had hematological response (9 CRs, 26%; 12 PR, 34%). At one year (25 evaluable patients), 9 patients (36%) had CR and 10 (40%) had PR, resulting in an ORR of 76%. At 18 months (n=19), there were 9 CRs (47%) and 8 PRs (42%), resulting in an ORR of 89%. At months 6, 12 and 18; 6 (19%), 1 (4%) and 1 (5%) patients were still in need of phlebotomy, respectively. The percentage of patients with enlarged spleen (>12cm in length) decreased to 56% at the end of the first treatment year. Mean JAK2 allelic burden dropped to 44% at both 6 months (7/29% mPRs) and 12 months (6/22%), while at 18 month the mean value was 25% (2 of 3 evaluable patients were in PR); decrease of allelic burden was more profound in the arm of HU naïve patients. 645 adverse events (AE) were reported in 48 (94%) patients, half of them (296; 46%) were drug-related and 26 (4%) serious. The following AEs were reported in >20% of the patients: pruritus, headache, fatigue, arthralgia, diarrhea and vertigo. AE related patient discontinuation occurred in 10 (20%) patients; two patients left the study due to administrative reasons; violation of eligibility criteria, lack of efficacy and administrative reasons led to withdrawal in one case per category, respectively. 87 events (13%) mandated dose reduction or delay. Conclusions The more convenient, every 14 days treatment schedule is feasible and effective. Efficacy and safety profile remain in line with expectations from other (pegylated) interferons. ORR of >80% with cumulative CRs 45-50%, accompanied by phlebotomy independence, normalization of hematological parameters and spleen size reduction in majority of patients has been observed. Significant and sustained JAK2 allelic burden decrease, starting from week 28 of treatment, was seen. The results support further development of AOP2014/P1101 in PV; accordingly, a phase III clinical study (PROUD-PV) is starting to recruit patients in Q4 2013. Disclosures: Gisslinger: AOP Orphan Pharmaceuticals AG: Research Funding. Buxhofer-Ausch:AOP Orphan Pharmaceuticals AG: Research Funding. Thaler:AOP Orphan Pharmaceuticals AG: Research Funding. Schloegl:AOP Orphan Pharmaceuticals AG: Research Funding. Gastl:AOP Orphan Pharmaceuticals AG: Research Funding. Wolf:AOP Orphan Pharmaceuticals AG: Research Funding. Kralovics:AOP Orphan Pharmaceuticals AG: Research Funding. Gisslinger:AOP Orphan Pharmaceuticals AG: Research Funding. Lechner:AOP Orphan Pharmaceuticals AG: Research Funding. Strecker:AOP Orphan Pharmaceuticals AG: Research Funding. Egle:AOP Orphan Pharmaceuticals AG: Research Funding. Melchardt:AOP Orphan Pharmaceuticals AG: Research Funding. Burgstaller:AOP Orphan Pharmaceuticals AG: Research Funding. Willenbacher:AOP Orphan Pharmaceuticals AG: Research Funding. Zoerer:AOP Orphan Pharmaceuticals AG: Employment. Zahriychuk:AOP Orphan Pharmaceuticals AG: Employment. Klade:AOP Orphan Pharmaceuticals AG: Employment. Greil:AOP Orphan Pharmaceuticals AG: Research Funding.
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Jamaani, Fouad, and Manal Alidarous. "The short- and long-lived effects of IFRS mandate on IPO firms in emerging market economies." Journal of Financial Reporting and Accounting ahead-of-print, ahead-of-print (August 19, 2021). http://dx.doi.org/10.1108/jfra-11-2020-0324.
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Purpose This study aims to examine the short- and long-lived effects of the International Financial Reporting Standards (IFRS) mandate on the quality of reporting information of initial public offering (IPO) firms in emerging market economies. Design/methodology/approach The study used several difference-in-differences models for a sample comprising 102 Saudi Arabian IPO firms for 2003–2017. Findings It found that mandating the application of the IFRS had a significant short-lived but no long-lived effect on IPO firms’ information asymmetry. When information asymmetry was high such as in the primary market, the IFRS succeeded in alleviating the underpricing of IPO firms. Conversely, in the secondary market, with negligible information asymmetry, the IFRS was not beneficial for the long-term performance of companies in the IPO market. Originality/value This study is the first of its kind in the emerging market context and has important implications for IPO investors and analysts, IFRS-IPO researchers and policymakers in emerging economies. The results empirically confirmed that the IFRS mandate had solely a short-lived effect and no long-lasting impact, on the problem of asymmetric information in the IPO market. The effectiveness of the IFRS in producing quality financial reporting is contingent upon large-scale information asymmetry and vanishes when investors and analysts have abundant information about listed firms, even for emerging economies such as Saudi Arabia.
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Jamaani, Fouad, Manal Alidarous, and Esraa Alharasis. "The combined impact of IFRS mandatory adoption and institutional quality on the IPO companies’ underpricing." Journal of Financial Reporting and Accounting, May 17, 2022. http://dx.doi.org/10.1108/jfra-07-2021-0199.
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Purpose This study aims to examine the impact of the International Financial Reporting Standards (IFRS) mandate and differences in national institutional quality on the underpricing of Initial Public Offering (IPO) companies. Design/methodology/approach Multiple Difference-in-Differences (DiD) ordinary least squares estimations were conducted for 100 corporations listed on the Saudi Arabian stock market using country-level institutional quality data from 2005 to 2017. Findings IFRS requirements and improvements in institutional quality have a combined effect on minimizing IPO underpricing. The analysis of the combined impact of IFRS requirements and differences in transparency revealed that IPO vendors leave $5 on average for IPO investors to cash out post the IFRS mandate, compared to $29 previously. Thus, IFRS serves as a quality certification instrument that alleviates IPO investors’ ex ante uncertainties, even in nations with undeveloped institutions. Practical implications The findings may be beneficial to researchers and policymakers. The results suggest that institutional quality enhancements and obligatory IFRS implementation highlight IFRS’s synergistic influence on the IPO market. While European harmonization efforts drove the adoption of IFRS in Europe in 2005, Saudi Arabia’s adoption of IFRS is not being driven by such initiatives (Daske et al., 2008; Persakis and Iatridis 2017). In reality, when IFRS was officially imposed in Saudi Arabia in 2008, it, like many other emerging market nations, made considerable reforms to its formal institutions. However, research on the combined impact of IFRS and disparities in institutional quality in emerging IPO markets remains sparse. Emerging markets represent more than half of economies that use IFRS. Therefore, to the best of the authors’ knowledge, this study is the first to conduct an empirical investigation to identify this combined effect in emerging countries using the DiD analytical technique. Equity market legislators remain concerned regarding IPO underpricing, as it has a detrimental influence on economic growth (Bova and Pereira, 2012; Jamaani and Ahmed, 2021; Mehmood et al., 2021). Depending on the degree of information asymmetry in national stock markets, underpricing costs increase the cost of going public for entrepreneurs. Consequently, prospective private firms are discouraged from accessing equity financing through the stock markets. This is likely to impede private sector development plans, causing a negative effect on economic growth. Originality/value Emerging countries represent over 50% of the IFRS mandating economies. However, there is insufficient research on the combined effect of IFRS requirements and improvements in institutional quality in developing IPO markets. To the best of the authors’ knowledge, this study is the first empirical attempt to identify this combined effect in one of the largest developing countries. The results may aid academics and policymakers in better understanding the interaction between these two variables.
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Sassi, Nesrine, and Salma Damak-Ayadi. "IFRS for SMEs adoption, corporate governance, and quality of financial statements: evidence from Dominican Republic and El Salvador." Journal of Accounting in Emerging Economies, November 24, 2022. http://dx.doi.org/10.1108/jaee-10-2021-0348.
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PurposeThe purpose of this study is to examine the indirect relationship between the mandatory adoption of International Financial Reporting Standards for small and medium-sized enterprises (IFRS for SMEs) and the corporate governance index (CGI) by checking the mediating effect of the quality of financial statements (QFS) on this relationship.Design/methodology/approachThe main objective of the IFRS for SMEs standard is to meet the specific needs of SMEs in transition and developing economies. Here, the authors used the structural equation method to investigate SMEs in countries that mandate the application of IFRS for SMEs for the years 2010 (pre-adoption) and 2016 (post-adoption). The final sample covered two emerging countries: the Dominican Republic and El Salvador.FindingsThe results show a positive association between the adoption of IFRS for SMEs, CGI and QFS. Furthermore, the findings confirm that the relationship between IFRS for SMEs adoption and CGI is under the control of the QFS.Originality/valueThis study provides standard setters and managers of SMEs with an overview of the importance of QFS on the significance of this relationship in emerging countries. The study contributes to the literature by examining the indirect relationship between IFRS for SMEs and CGI and building a CGI that integrates a set of governance practices linked to SMEs.
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Holtzblatt, Mark, and Dr Kristine Brands. "Digitizing International Financial Reports with iXBRL and the IFRS Taxonomy: The Case of the EU, U.S., and SAP SE." Issues in Accounting Education, August 15, 2022. http://dx.doi.org/10.2308/issues-2021-097.
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This case enables students to investigate recent financial reporting mandates requiring EU and SEC IFRS filers to digitize financial reports using IFRS-based taxonomies and iXBRL. EU filers are mandated by ESMA (European Securities and Markets Authority) to file IFRS-iXBRL financial reports, complying with ESEF (European Single Electronic Format). SEC IFRS filers follow similar specifications. Moreover, ESMA and the SEC recently transitioned to XBRL’s enhanced format, iXBRL, combining human and machine-readable language into a single document. Student learning objectives include analyzing these developments and evaluating German multinational corporation SAP SE’s motivation for IFRS-XBRL implementations. SAP, since 2005, files IFRS financials, and since 2009, creates IFRS-XBRL reports. Students apply Corefiling’s Yeti Taxonomy Viewer, SEC’s EDGAR iXBRL Viewer, and TagniFi’s Console to iXBRL mapping/analysis exercises. The case is for Accounting Information Systems and International Accounting courses. It’s especially useful for introductory classes on digitized financial reporting with students having no prior XBRL knowledge.
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"The Fund’s Mandate - The Future Financing Role - Reform Proposals." Policy Papers 2010, no. 98 (November 8, 2010). http://dx.doi.org/10.5089/9781498337229.007.
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This paper examines the implications of the Fund accepting membership in the Financial Stability Board (“FSB”). The FSB Charter (the ?Charter?) explicitly contemplates the possibility of the Fund and the other international financial institutions becoming members but notes that ?the acceptance of membership by the international financial institutions (IFIs) in the FSB is subject to the approval of their respective governing bodies.? An Executive Board decision is required for the Fund to accept membership and is proposed below.
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"Review of the Fund's Mandate - Follow-Up on Modernizing Surveillance." Policy Papers 2010, no. 76 (August 25, 2010). http://dx.doi.org/10.5089/9781498337083.007.
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The paper reviews the adequacy of the Fund’s precautionary balances and proposes a more transparent and rules-based framework for adjusting the precautionary balance target through time. The framework seeks to provide sufficient flexibility to capture the main elements considered relevant by the Board in the past when setting the target and draws on approaches followed by other IFIs, adapted to the particular circumstances of the Fund.