Response to the SEC Release: Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with International Financial Reporting Standards without Reconciliation To U.S. GAAP File No. S7–13–07

Hopkins, Patrick E.; Botosan, Christine A.; Bradshaw, Mark T.; Callahan, Carolyn M.; Ciesielski, Jack T.; Farber, David; Hodder, Leslie D.; Kohlbeck, Mark J.; Laux, Robert; Stöber, Thomas; Stocken, Phillip C.; Yohn, Teri Lombardi

doi:10.2308/acch.2008.22.2.223

Cited by 43 publications

(19 citation statements)

References 43 publications

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“…8, No. 11;2015 reporting information more comparable (Hopkins et al, 2008). Therefore, the need of foreign issuers to voluntarily choose to incorporate IFRS decreases (Kang et al, 2012).…”

Section: Consequences Of Ifrs Adoption: Foreign Issuersmentioning

confidence: 99%

The Impact of IFRS Adoption on Earnings Quality: A Study Conducted on Foreign Issuers in the United States

Besten¹,

Γεωργακόπουλος²,

Vasileiou³

et al. 2015

IBR

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The worldwide adoption of International Financial Reporting Standards (IFRS) is affecting many countries around the globe as it has become widely spread. Since 2007 the United States (US) allows foreign issuers to voluntarily adopt IFRS. This paper investigates the effect of IFRS adoption on earnings quality after voluntary IFRS adoption was allowed to foreign issuers in the US. More precisely, the discretionary accruals and the small positive earnings are tested for a sample of foreign issuers in the US that are registered and reporting with the SEC, comparing a pre-period from 2002 to 2006 with a post-period from 2008 to 2011. The results from the difference-in-differences regression analysis suggest that in terms of discretionary accruals there is no statistical difference between the pre-IFRS and the post-IFRS period, therefore the earnings quality remains the same. For small positive earnings it is found that, when foreign issuers incorporate IFRS, these are lower, indicating higher earnings quality.

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“…8, No. 11;2015 reporting information more comparable (Hopkins et al, 2008). Therefore, the need of foreign issuers to voluntarily choose to incorporate IFRS decreases (Kang et al, 2012).…”

Section: Consequences Of Ifrs Adoption: Foreign Issuersmentioning

confidence: 99%

The Impact of IFRS Adoption on Earnings Quality: A Study Conducted on Foreign Issuers in the United States

Besten¹,

Γεωργακόπουλος²,

Vasileiou³

et al. 2015

IBR

View full text Add to dashboard Cite

show abstract

“…In response to the initial proposal to accept financial statements prepared under IFRS by foreign private issuers without reconciliation to U.S. GAAP, a committee of the American Accounting Association (AAA) reviewed the relevant literature in order to render an opinion regarding the propriety of the draft That committee concluded that the elimination of the reconciliation requirement was premature. They argued that failing to require the reconciliation would reduce comparability while significant convergence and compliance issues remain (Hopkins et al, 2008).…”

Section: Background Perspective and Recent Eventsmentioning

confidence: 98%

Individual investors’ attitudes toward the acceptance of International Financial Reporting Standards in the United States

McEnroe

Sullivan

2011

Journal of International Accounting, Auditing and Taxation

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“…The proposal received many responses from academia and professionals. Hopkins et al (2008, 227, 238) argued that “the reconciliation provides information incrementally useful to U.S. investors” and that “the elimination of the U.S. GAAP‐IFRS reconciliation requirement was premature.” Conversely, Jamal et al (2008, 246) argued that IFRS and U.S. GAAP both have high quality and “it is unlikely that the reconciliation schedule would provide useful information to investors.” Despite controversy, the SEC issued a final rule in December 2007 to eliminate the reconciliation (SEC 2007c). In this final rule, a foreign firm listed in the United States could prepare financial statements under IFRS as issued by the IASB without reconciliation on or after March 4, 2008, or earlier if the firm consulted with the SEC.…”

Section: Prior Literature and Hypotheses Developmentmentioning

confidence: 99%

The Impact of Firm Characteristics on Trading Volume Reaction to the Earnings Reconciliation from IFRS to U.S. GAAP*

Chen

Sami

2012

Contemporary Accting Res

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Response to the SEC Release: Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with International Financial Reporting Standards without Reconciliation To U.S. GAAP File No. S7–13–07

Cited by 43 publications

References 43 publications

The Impact of IFRS Adoption on Earnings Quality: A Study Conducted on Foreign Issuers in the United States

The Impact of IFRS Adoption on Earnings Quality: A Study Conducted on Foreign Issuers in the United States

Individual investors’ attitudes toward the acceptance of International Financial Reporting Standards in the United States

The Impact of Firm Characteristics on Trading Volume Reaction to the Earnings Reconciliation from IFRS to U.S. GAAP*

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