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IFRS Adoption in the E.U., accounting harmonization and market efficiency: a review

Author

Listed:
  • Gabriele Guggiola

    () (Department of Economics, University of Insubria, Italy)

Abstract

As of 1st January 2005 all European listed companies had to adopt IAS/IFRS in order to prepare their consolidated financial statements. Five years later, the paper analyses the advancements in the accounting harmonisation process within European countries and between E.U. and the rest of the world, overviewing the first available evidences on financial market efficiency. The paper has three main objectives. It aims at providing a state-of-the-art of the process of IFRS adoption in the E.U. pointing out the positive observable effects and the main drawbacks and at reviewing the existent literature developed during the last years on this subject. Finally, it aims at identifying some interesting and so far not explored research areas. JEL Classification: M41

Suggested Citation

  • Gabriele Guggiola, 2010. "IFRS Adoption in the E.U., accounting harmonization and market efficiency: a review," Economics and Quantitative Methods qf1002, Department of Economics, University of Insubria.
  • Handle: RePEc:ins:quaeco:qf1002
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    File URL: http://eco.uninsubria.it/dipeco/Quaderni/files/QF2010_2.pdf
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    References listed on IDEAS

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    1. Ding, Yuan & Jeanjean, Thomas & Stolowy, Herve, 2005. "Why do national GAAP differ from IAS? The role of culture," The International Journal of Accounting, Elsevier, vol. 40(4), pages 325-350.
    2. Chua, Wai Fong & Taylor, Stephen L., 2008. "The rise and rise of IFRS: An examination of IFRS diffusion," Journal of Accounting and Public Policy, Elsevier, vol. 27(6), pages 462-473.
    3. Geoffrey Whittington, 2005. "The adoption of International Accounting Standards in the European Union," European Accounting Review, Taylor & Francis Journals, vol. 14(1), pages 127-153.
    4. Jeanjean, Thomas & Stolowy, Hervé, 2008. "Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption," Journal of Accounting and Public Policy, Elsevier, vol. 27(6), pages 480-494.
    5. Ester Oliveras & Xavier Puig, 2005. "The Changing Relationship between Tax and Financial Reporting in Spain," Accounting in Europe, Taylor & Francis Journals, vol. 2(1), pages 195-207, January.
    6. Rick Cuijpers & Willem Buijink, 2005. "Voluntary adoption of non-local GAAP in the European Union: A study of determinants and consequences," European Accounting Review, Taylor & Francis Journals, vol. 14(3), pages 487-524.
    7. Philip Brown & Ann Tarca, 2005. "A commentary on issues relating to the enforcement of International Financial Reporting Standards in the EU," European Accounting Review, Taylor & Francis Journals, vol. 14(1), pages 181-212.
    8. Pascale Delvaille & Gabi Ebbers & Chiara Saccon, 2005. "International Financial Reporting Convergence: Evidence from Three Continental European Countries," Accounting in Europe, Taylor & Francis Journals, vol. 2(1), pages 137-164, January.
    9. Ding, Yuan & Hope, Ole-Kristian & Jeanjean, Thomas & Stolowy, Herve, 2007. "Differences between domestic accounting standards and IAS: Measurement, determinants and implications," Journal of Accounting and Public Policy, Elsevier, vol. 26(1), pages 1-38.
    10. repec:eee:accfor:v:32:y:2008:i:1:p:75-88 is not listed on IDEAS
    11. Katherine Schipper, 2005. "The introduction of International Accounting Standards in Europe: Implications for international convergence," European Accounting Review, Taylor & Francis Journals, vol. 14(1), pages 101-126.
    12. Haverals, Jacqueline, 2005. "IAS/IFRS in Belgium: Quantitative Analysis of the Impact on the Tax Burden of Companies," ZEW Discussion Papers 05-38, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    13. Christensen, Hans B. & Lee, Edward & Walker, Martin, 2007. "Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in the UK," The International Journal of Accounting, Elsevier, vol. 42(4), pages 341-379, December.
    14. Brenda van Tendeloo & Ann Vanstraelen, 2005. "Earnings management under German GAAP versus IFRS," European Accounting Review, Taylor & Francis Journals, vol. 14(1), pages 155-180.
    15. FFF1Jitka NNN1Rychtarikova, 2004. "The case of the Czech Republic," Demographic Research Special Collections, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 2(5), pages 105-138, April.
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    Cited by:

    1. Ladislav MEJZLÍK & Leoš Vítek & Jana Roe, 2014. "Adjustments to Accounting Profit in Determination of the Income Tax Base: Evolution in the Czech Republic," European Financial and Accounting Journal, University of Economics, Prague, vol. 2014(4).

    More about this item

    Keywords

    International Financial Accounting Standards; European Union; International accounting Harmonization; Convergence;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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