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The impact of IFRS adoption on IPOs management earnings forecasts in Australia

Author

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  • Georgakopoulos, Georgios
  • Gounopoulos, Dimitrios
  • Huang, Chen
  • Patsika, Victoria

Abstract

This study investigates the accuracy of management earnings forecasts under International Financial Reporting Standards (IFRS) in the context of an initial public offering (IPO). We observe a decline in management forecast errors (FEs) in Australia following the mandatory implementation of IFRS in 2005. Further evidence suggests that IPO management earnings forecasts become more conservative after IFRS was required. We argue that IFRS enables investors to better evaluate IPO firms’ performance and demand higher returns from firms that report inflated and inaccurate earnings forecasts. We also show that over-optimistic earnings forecasts and larger forecasting errors result in greater underpricing under the IFRS regime. Overall, this study suggests that IFRS, as a set of high-quality accounting standards, improves corporate disclosure quality and the information environment.

Suggested Citation

  • Georgakopoulos, Georgios & Gounopoulos, Dimitrios & Huang, Chen & Patsika, Victoria, 2022. "The impact of IFRS adoption on IPOs management earnings forecasts in Australia," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 48(C).
    • Handle: RePEc:eee:jiaata:v:48:y:2022:i:c:s1061951822000453
    DOI: 10.1016/j.intaccaudtax.2022.100490
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    More about this item

    Keywords

    IFRS; IPOs; Information environment; Management earnings forecast accuracy; Corporate disclosure;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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