Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Jerry Sun,
Steven F.
Cahan, and
David
Emanuel
Tahun
Accounting
Horizons Vol. 25,
No. 4 2011 pp.
837860
Judul
How Would the
Mandatory
Adoption of IFRS
Affect the Earnings
Quality of U.S.
Firms? Evidence
from Cross-Listed
Firms in the U.S.
Var. dependen
discretionary
accruals, target beating,
earnings persistence, timely
loss recognition, and the
ERC
Var.independen
XLIST = an indicator
variable coded 1 for crosslisted firms and 0 for
matched U.S. firms;
POST = an indicator
variable coded 1 for crosslisted firms in post-IFRS
periods and 0 in preIFRS observations; for
matched U.S. firms, POST
has the same value as the
cross-listed
firm it is matched to;
Var. Kontrol
SIZE = size, measured as the
log of market value of
common equity;
GROWTH = growth,
measured as the annual
percentage change in sales;
EISSUE = increase in equity,
measured as the annual
percentage change in common
equity;
LEV = leverage, measured as
the ratio of total liabilities to
common equity;
DISSUE = increase in debt,
measured as the annual
percentage change in total
liabilities;
TURN = turnover, measured
as the ratio of sales to total
assets; and
CFO = cash flow from
operations, measured as cash
flow from operations deflated
by total
assets.
Sampel
Perusahaan
cross listing
di US dari
negara yang
telah
mandatory
IFRS
Sebelum
dan setelah
adopsi
IFRS
ditentukan
berdasarkan
akhir tahun
fiscal di
compustat
dan 2008.
Jumlah
tahun
sebelum
dan sesudah
adalah
sama
Pengujian
Difference-inDifference
Regression
Hasil
For three of
these
measures
discretionar
y
accruals,
timely loss
recognition,
and the
ERCwe
find no
difference
in the
change in
earnings
quality from
the pre- to
post-IFRS
period for
the crosslisted firms
and the
matched
U.S.
firms.
However,
for the other
two
measures
the
incidence of
small
positive
earnings
and
earnings
Wan
Adibah
Wan Ismail
and Khairul
Asian Review of
Accounting
Vol. 21 No. 1,
2013
Earnings quality
and the
adoption of IFRSbased
Thompson
One Banker
database
from 2002
regression is run
separately, for the
period before and
after the
persistence
we find
evidence
that the
earnings
quality of
the crosslisted firms
improved
after they
adopted
IFRS, and
that this
improveme
nt is
incremental
to preexisting
differences
between the
cross-listed
and
matched
firms, and
incremental
to the
change in
earnings
quality for
the matched
firms over
the identical
period.
adoption of
IFRS-based
accounting
standards is
Anuar
Kamarudin
Tony van
Zijl
Keitha
Dunstan
pp. 53-73
accounting
standards
Evidence from an
emerging market
to 2009.
We identify
each firms
financial
year end
and extract
the firms
data for the
period of
three years
before the
adoption of
IFRS and
three years
after the
adoption of
IFRS.
Since the
adoption of
IFRS is
made
effective
from 1
January
2006, the
first annual
report
prepared
using the
new
standard is
dated 31
December
2006. Thus,
we classify
our data
based on
adoption of IFRS.
Similar to the
value-relevance
analysis using the
price-earnings
regression, the
coefficient of
E/Pt_1 and the
R2 of the model
are examined to
compare
the ability of
earnings to
explain stock
returns between
the two periods.
significantly
associated
with lower
level of
earnings
managemen
t.
earnings
reported
during the
IFRS period
has greater
value
relevance
compared to
earnings
reported in
pre-IFRS
period
IFRS-based
earnings
explain
more of the
variation in
share
values.
IFRS
adoption is
associated
with higher
quality of
reported
earnings.
Specifically,
we found
that
earnings
financial
year end of
each firm.
For
example,
data from
annual
reports
dated 31
December
2006 to 30
December
2007 are
considered
to be data
for the
first year of
FRS
adoption.
Muhamma
d Nurul
Houqe &
Tony van
Zijl
Working paper
series
Working paper
No. 70
January 2010
DACC
Rit
= discretiona
ry accruals
scaled by
lagged
total assets
for firm i
in year t
INV
(i)
BOIN
D
(ii)
SEC
= Investor
protection
measured
six ways:
= board
independen
ce (WEF
2008)
= enforcemen
t of
SIZEi = natural
t
logarithm of
total assets in $
thousands for
firm i in year t
LEVi = total long-term
t
debt/ total
assets for firm i
in year t
OSIRIS
database for
the period
1998-2007
reported
during the
period after
the adoption
of
IFRS is
associated
with lower
earnings
managemen
t. Using
both priceearnings
and
returnearnings
models, our
findings
also show
that
earnings
reported
during the
period after
IFRS
adoption is
more value
relevant
DACCRit = 0 +
1IFRS + 2INV
+ 3IFRS*INV +
4SIZEit +
5LEVit +
6GWTHit +
7CFOit +
8PPEit +
9LAGLOSSit +
fixed effects
(i) IFRS
adoption in
an
environmen
t of weak
investor
protection
does not
improve
Professor
Keitha
Dunstan
Dr. Wares
Karim
(iii)
MIN
(iv)
ACC
(v)
JUD
(vi)
PRES
S
securities
laws (WEF
2008)
protection
of minority
shareholder
s interest
(WEF
2008)
enforcemen
t of
accounting
& auditing
standards
(WEF
2008)
judicial
independen
ce (WEF
2008)
freedom of
the press
(Kaufman
et al. 2007)
earnings
quality;
GWTHit
CFOit
PPEit
LAGLOS
Sit
= sales
growth
rate,
defined as
the sales in
year t
minus sales
in year t-1
and scaled
by sales in
year t-1
= operating
cash flows
for firm i
in year t
scaled by
lagged
total assets
= growth rate
of PPE,
defined as
the gross
PPE in
year t
minus
gross PPE
in year t-1
and scaled
by gross
PPE in
year t-1
= dummy
variable
equals 1 if
firm i
reports
negative
income
before
(ii)
Increasing
the degree
of investor
protection
without
adoption of
IFRS does
not improve
earnings
quality; and
(iii) IFRS
adoption
improves
earnings
quality as
investor
protection is
strengthene
d.
Francois
Aubert
Gary
Grudnitski
Review of
Accounting and
Finance
Vol. 11 No. 1,
2012
pp. 53-72
Analysts estimates
What they could be
telling us about the
impact
of IFRS on
earnings
manipulation in
Europe
C. S. Agnes
Cheng
JOURNAL OF
INTERNATION
AL
ACCOUNTING
RESEARCH
Vol. 11, No. 1
2012
Voluntary IFRS
Adoption, Analyst
Coverage,
and Information
Quality:
International
Evidence
manipulated earnings
(MEs) component
MEit jReported EPSit 2
ex post convergent
consensus EPSitj
extraordina
ry items in
year t-1
fixed
= industry
effects
and year
fixed
effects
analyst following
(ANALYST), institutional
ownership
(INSTOWNER), investor
protection laws
(INVESTPROT), fitted Big X
auditor (FBIGX) and a
industry dummy classifying a
firm as being in a technology
industry sector (TECH) are
regressed against the
dependent variable of MEs
using the OLS White
heteroskedasticity-consistent
standard errors and
covariance procedure
publicly
traded firms
in 32
European
countries
applying
LG during
the period
1997-2003
and
adopting
IFRS in
2006-2008.
MEit a1
a2IFRS
a3ANALYSTit
a4INSTOWNERi
t
a5INVESTPROT
i
a6FBIGXit
a7TECHit e0
it
Financial
reporting
under IFRS
is
negatively
associated
with
transitory
earnings
manipulatio
n
internationa
l sample
from
Worldscope
and I/B/E/S
Internationa
l.
When
certain
financial
statement
data are
missing in
Worldscope
, they
DIFRS_ b0
b1Size b2Lev
b3Growth
b4ForSale
b5Cross
YearDummies
IndustryDummi
es
CountryDummi
es errorterm:
3
ANA a0
a1DIFRS
a2Size a3Accr
(1)
voluntary
IFRS
adoption
increases
analyst
coverage,
suggesting
that
IFRS
adopters
attract more
analysts
than nonadopters;
extract data
from
Global
Vantage.
The sample
has a total
of 17,227
observation
s with
1,076 IFRS
adopters
and 16,151
nonadopters
from 29
countries
over the
period
19982004
a4EVar
a5StdROE
a6ROA
a7NegEarn
a8Big4
a9USGAAP
a10Law
a11SecReg
a12GDP
a13Lambda
YearDummies
IndustryDummi
es errorterm:
4
RK q0
q1DIFRS
q2ANA q3Size
q4Accr
q5EVar
q6NegEarn
q7ROA
q8Big4
q9USGAAP
q10Law
q11SecReg
q12GDP
q13Lambda
YearDummies
IndustryDummi
es errorterm:
and (2)
voluntary
IFRS
adoption
improves
the
precision of
analysts
total
information
set
incorporate
d into
earnings
forecasts.
Mascia
Ferrari1,
Frances
co
Moment
e2, and
Frances
co
Reggiani
2
Journal of Accounting,
Auditing & Finance
27(4) 527556. 2012
Investor
Perceptio
n of the
Internati
onal
Accounti
ng
Standard
s Quality:
Inference
s
German
companie
s,
excluding
financials
and
utilities,
listed on
the
Frankfurt
Stock
Exchange.
The
sample
period
covers the
years
2000 to
2004, but
due to
model
Overall,
the
evidence
based on
the
Dechow
Dichev
model is
mixed; we
can assert
that,
with the
exception
of the
technolog
y industry,
IAS firms
exhibit a
degree of
earnings
managem
From
Germany
constructi
ons, we
require
that cash
flow data
be
available
from 1999
to 2005.
ent
equal to or
lower than
the HGB
adopters,
but there
is a clear
evidence
of a better
earnings
quality for
IAS
adopters
only in the
health
care
industry.
The
analyses
based on
the MJ
model
indicate
that IAS
adopters
exhibit a
lower
degree
of
earnings
managem
ent with
respect to
the HGB
adopters,
with the
exception
of the
consumer
service
industry,
for which
we are not
able to
detect any
significant
difference
between
IAS and
HGB, and
the
technolog
y industry
(whose
results
could be
biased by
the
lower
number of
observatio
ns).
In
summary,
the first
set of
analyses
supports
the idea
that the
IAS
adopters
are
generally
characteri
zed by a
level of
earnings
managem
ent lower
Australian
Accounting
Review No.
55 Vol. 20
Issue 4 2010
Md
Humayun
Kabir, Fawzi
Laswad &
Md Ainul
Islam
Impact of
IFRS in New
Zealand on
Accounts
and
Earnings
Quality
Accruals quality
Predictive ability of
earnings
The
sample
selection
startedwit
h firms
listed on
theNew
Zealand
Stock
Exchange
(NZX) and
we
collected
data
for 2002
09 from
NZX Deep
Archive.
than or
equal to
the HGB
adopters.
investors
consider
the
accountin
g numbers
of the IAS
firms more
reliable
and of
higher
quality,
but these
benefits
decreases
with size.
The
impact of
the
adoption
of
Internatio
nal
Financial
Reporting
Standards
(IFRS) on
the
accounts
and the
quality of
earnings
of New
Zealand
firms is
examined.
Our
analysis of
IFRS
adjustmen
ts for the
last period
under preIFRS NZ
Generally
Accepted
Accountin
g
Principles
(GAAP)
reveals
that total
assets,
total
liabilities
and net
profit
were
significant
ly higher
under
IFRS than
under preIFRS
GAAP.
Profit and
equity
under
IFRS were
increased
by
adjustmen
ts for
goodwill
and other
intangible
s and
investmen
t property,
and
decreased
by
adjustmen
ts for
employee
benefits
and sharebased
payments.
Using data
for 2002
2009, we
find that
absolute
discretion
ary
accruals
were
significant
ly higher
under
IFRS than
under preIFRS NZ
GAAP,
suggestin
g
lower
earnings
quality
under
IFRS than
under preIFRS
NZ GAAP.
However,
we find no
significant
difference
s in
signed
discretion
ary
accruals
and the
ability of
earnings
to
predict
one-yearahead
cash flows
between
pre-IFRS
NZ
GAAP and
IFRS.
These
results are
consistent
across
alternativ
e
measures
of
accruals
quality,
sample
selection
and
whether
firms
elected to
adopt IFRS
in 2005
rather
than
comply
with them
in 2007.
Stephen
Lin*
William
Riccardi
Changjian
g (John)
Wang
Florida
International
University
January 2012
Does Accounting
Quality Change
Following a
Switch from U.S.
GAAP to IFRS?
Evidence from
Germany
Earnings Management
Timely Loss Recognition
Value Relevance
A number
of firms
(95% of
these firms
are in hitech
industries)
in
Germany
applied
U.S.
GAAP and
were
required to
switch to
IFRS in
2005
Using a
sample of
German
high-tech
firms that
transitioned
to IFRS
from U.S.
GAAP in
2005
(switching
firms), we
find that
accounting
numbers
under IFRS
generally
exhibit
more
earnings
manageme
nt, less
timely loss
recognition
, and less
value
relevance
compared
to those
under U.S.
GAAP. In
addition,
after
analyzing
the
accounting
quality of
firms that
applied
IFRS
throughout
the entire
sample
period, we
find that,
for the
metrics
suggesting
a decline in
accounting
quality for
both groups
of firms,
the change
is
significantl
y more
pronounced
for firms
switching
to IFRS
from U.S.
GAAP.
Overall,
our
findings
indicate
that the
application
of U.S.
GAAP
generally
resulted in
higher
accounting
quality than
application
of IFRS,
and a
transition
from U.S.
GAAP to
IFRS
reduced
accounting
quality.
Dechow, P., W. Ge, and C. Schrand. 2010. Understanding earnings quality: A review of the proxies, their
determinants and consequences. Journal of Accounting and Economics 50: 344401.
Beberapa penelitian telah dilakukan untuk meneliti pengaruh standar akuntansi, terutama dengan diadopsinya IFRS (baik secara sukarela maupun diwajibkan) terhadap kinerja keuangan perusahaan.
Barth et al. (2008) meneliti kualitas akuntansi sebelum dan sesudah dikenalkannya IFRS dengan menggunakan sampel sebanyak 327 perusahaan di 21 negara yang telah mengadopsi IAS secara sukarela
antara tahun 1994 dan 2003. Dalam penelitian ini ditemukan bukti bahwa setelah diperkenalkannya IFRS, tingkat manajemen laba menjadi lebih rendah, relevansi nilai menjadi lebih tinggi, dan
pengakuan kerugian menjadi semakin tepat waktu, dibandingkan dengan masa sebelum transisi di mana akuntansi masih berdasarkan local GAAP. Morais dan Curto (2008) meneliti apakah pengadopsian
IFRS di Portugal berdampak terhadap meningkatnya kualitas laba dan relevansi nilai dari data akuntansi dari 34 perusahaan Portugal yang terdaftar di bursa sebelum pengadopsian IFRS (tahun 19952004) dan setelah pengadopsian IFRS (tahun 2004-2005). Mereka menemukan bahwa selama periode ketika perusahaan mengadopsi IFRS, perusahaan lebih sedikit melakukan earning smoothing.
Iatridis dan Rouvolis (2010) meneliti dampak transisi dari Greek GAAP dan IFRS terhadap laporan keuangan perusahaan-perusahaan di Yunani yang terdaftar di bursa. Penelitian ini menemukan bahwa
meskipun dampak pengadopsian IFRS pada tahun pertama pengadopsian kurang baik, yang mungkin diakibatkan biaya transisi ke IFRS, namun kualitas laporan keuangan perusahaan mengalami
peningkatan yang signifikan pada periode-periode selanjutnya.
Van Tendeloo dan Vanstraelen (2005) meneliti apakah pengadopsian IFRS secara sukarela ada hubungannya dengan manajemen laba yang lebih rendah. Penelitian dilakukan terhadap perusahaanperusahaan di Jerman dari tahun 1999 sampai 2001. Penelitian tersebut menemukan bahwa perusahaan yang mengadopsi IFRS secara sukarela memiliki discretionary 12
accrual yang lebih tinggi dan hubungan negatif antara akrual dan arus kas operasi yang lebih rendah dibandingkan perusahaan yang membuat laporan dengan menggunakan German GAAP. Jeanjean dan
Stolowy (2008) meneliti dampak keharusan mengadopsi IFRS terhadap manajemen laba dengan mengobservasi 1146 perusahaan dari Australia, Prancis, dan UK mulai tahun 2005 hingga 2006. Mereka
menemukan bahwa manajemen laba di negara-negara tersebut tidak mengalami penurunan setelah adanya keharusan mengadopsi IFRS, dan bahkan meningkat untuk Prancis. Lin dan Paananen (2007)
meneliti karakteristik akuntansi perusahaan-perusahaan di Jerman yang membuat pelaporan keuangan berdasarkan IAS selama tahun 2000-2002 (periode IAS) serta IFRS selama tahun 2003-2004
(periode IFRS secara sukarela) dan 2005-2006 (periode IFRS sebagai keharusan). Dalam penelitian ini ditemukan bukti bahwa terjadi penurunan kualitas akuntansi setelah adanya keharusan
pengadopsian IFRS pada tahun 2005 dan mengindikasikan tidak ada peningkatan pada kualitas akuntansi, bahkan dapat dikatakan kualitas akuntansi memburuk dari waktu ke waktu.
Chen et al. (2010) meneliti pengaruh IFRS terhadap kualitas akuntansi di negara-negara Uni Eropa. Mereka membandingkan kualitas akuntansi dari perusahaan-perusahaan yang terdaftar di bursa di 15
negara anggota Uni Eropa sebelum dan setelah dilakukannya pengadopsian IFRS secara penuh pada tahun 2005. Penelitian ini menggunakan lima indikator sebagai proxy bagi kualitas akuntansi, dan
menemukan bahwa terjadi peningkatan pada sebagian besar indikator tersebut setelah pengadopsian IFRS di Uni Eropa. Hal ini ditunjukkan dengan lebih sedikitnya pengaturan laba dengan target
tertentu, absolute discretionary accrual yang jauh lebih rendah, dan kualitas akrual yang lebih tinggi. Namun, penelitian ini juga menemukan 13
bahwa perusahaan lebih banyak melakukan earning smoothing dan lebih tidak tepat waktu dalam mengakui kerugian yang nilainya besar
pada periode setelah IFRS. Barth et al. (2008) find that firms exhibit higher accounting quality after voluntarily switching to IFRS
based on a variety of metrics. Barth, M. E., W. R. Landsman, and Lang, M.H. (2008). "International accounting standards and accounting
quality." Journal of Accounting Research 46(3): 467-498.
IAS adoption should improve the financial reporting quality (Barth
et al., 2008; Daske, Hail, Leuz, & Verdi, 2008) and that an increase in accounting quality
should be relevant to investors by reducing information asymmetries and the cost of capital,
and increasing liquidity (Daske et al., 2008; Diamond & Verrecchia, 1991; Kim &
Verrecchia, 1994).dapus ferrari et. al 2012
There are also a number of papers that examine differences in accounting quality between U.S. GAAP and IFRS in environments where firms are free to choose between multiple sets of
standards. For example, Bartov et al. (2005) find no significant difference in earnings quality, measured by the price-earnings relationship, for a sample of German New Market firms that were allowed to
choose between IFRS and U.S. GAAP. Similarly, the findings of Van der Muelen et al. (2007) suggest that there is no difference in value relevance between application of IFRS and U.S. GAAP using a
similar sample of German firms, though they do find that 5 reconciling firms may attempt
application of U.S. GAAP results in more predictable earnings than application of IFRS. These two studies provide consistent evidence suggesting that investors do not perceive accounting
numbers reported under U.S. GAAP compared to those reported under IFRS to provide materially different information. This is consistent with Leuz (2003), which finds that market liquidity and
information asymmetry are similar across IFRS and U.S. GAAP firms. Bartov, S.R. Goldberg and M. Kim (2005). "Comparative value relevance among German, US and International Accounting
Standards: A German stock market perspective." Journal of Accounting, Auditing & Finance 20(2): 95-119. Van der Meulen, S., Gaeremynck, A., and Willekens, A. (2007). "Attribute differences between
U.S. GAAP and IFRS earnings: An exploratory study." The International Journal of Accounting (42): 123-142. Leuz, C. (2003). "IAS versus US GAAP: Information asymmetry-based evidence from
Germany's new market." Journal of Accounting Research 41(3): 445-472.
Most up-to-date empirical evidence supports the positive relation between greater disclosure
and analysts coverage (e.g., Lang and Lundholm 1996; Healy et al. 1999; Hope 2003; Lang et al.
2003) for both U.S. and international samples. Cari penelitian terbaru yang mendukung positif relationship IFRS dan kualitas laba