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The comparability of international accounting standards and US GAAP: an empirical study of Form 20-F reconciliations

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  • Jose Luis Ucieda Blanco
  • Beatriz Garcia Osma

Abstract

This paper studies the comparability between US GAAP and International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) by looking at the Form 20-F reconciliation adjustments to US GAAP made by firms using IASs in the period from 1995 to 2001. Adjustments have been classified in categories to identify the characteristics of reported differences: frequency, significance and materiality. Previous research by Street et al. and by Adams et al. found evidence that the differences were both material and significant. We identify the areas that are frequently reconciled and that produce material adjustments. Overall, we conclude that, although material differences still exist, IASs and US GAAP seem to be converging.

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Bibliographic Info

Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Accounting, Auditing and Performance Evaluation.

Volume (Year): 1 (2004)
Issue (Month): 1 ()
Pages: 5-36

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Handle: RePEc:ids:ijaape:v:1:y:2004:i:1:p:5-36

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Web page: http://www.inderscience.com/browse/index.php?journalID=41

Related research

Keywords: IASs; US GAAP reconciliation; comparability; Form 20-F.;

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Cited by:
  1. Bailey, Warren & Andrew Karolyi, G. & Salva, Carolina, 2006. "The economic consequences of increased disclosure: Evidence from international cross-listings," Journal of Financial Economics, Elsevier, vol. 81(1), pages 175-213, July.
  2. Vieru, Markku & Schadewitz, Hannu, 2010. "Impact of IFRS transition on audit and non-audit fees: evidence from small and medium-sized listed companies in Finland," MPRA Paper 44664, University Library of Munich, Germany.
  3. Haiyan Zhou & Stephen Owusu-Ansah, 2014. "Cross listing, disclosure regimes, and trading volume sensitivity to stock returns," Journal of Economics and Finance, Springer, vol. 38(3), pages 383-406, July.
  4. Ioannis Tsalavoutas & Lisa Evans, 2010. "Transition to IFRS in Greece: financial statement effects and auditor size," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(8), pages 814-842, September.
  5. Hlaciuc Elena & Mihalciuc Camelia Catalina & Cibotariu Irina Stefana & Apetri Anisoara Niculina, 2009. "Some Issues About The Transition From U.S. Generally Accepted Accounting Principles (Gaap) To International Financial Reporting Standards (Ifrs)," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 28.

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