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International Accounting Standards Board (international + accounting_standards_board)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	100%

Selected Abstracts

Goodwill impairment as a reflection of investment opportunities

ACCOUNTING & FINANCE, Issue 1 2009
Jayne M. Godfrey
M41; C21; D23 Abstract We exploit a unique opportunity to examine whether goodwill impairment write-offs reflect firms' investment opportunities during the first years of the US goodwill impairment accounting regime. We find that impairment write-offs are negatively associated with firms' underlying investment opportunities. We also find associations between goodwill impairment write-offs and traditionally applied leverage, firm size and return on assets variables, although the leverage and firm size results are less robust. The results support the International Accounting Standards Board and Financial Accounting Standards Board contention that an impairment test regime can reflect firms' underlying economic attributes, while simultaneously indicating that managers use discretion to reduce contracting costs. [source]

Commentary: An International Comparison and Evaluation of Financial Accounting Concepts Statements,

ACCOUNTING PERSPECTIVES, Issue 2 2002
WILLIAM R. SCOTT
ABSTRACT Standard setters in several jurisdictions have adopted statements of financial accounting concepts. Given that concepts statements influence accounting standards, similarities and differences of concepts across jurisdictions will affect the ability of the International Accounting Standards Board (IASB) and other accounting bodies to secure standards convergence. This paper analyzes the concepts statements of Australia, Canada, New Zealand, the United Kingdom, the United States, and the IASB. Although these statements seem similar at a "broad brush" level, a closer look reveals substantial differences. The main purpose of this paper is to evaluate these differences and the extent to which they may impair standards convergence. The paper also proposes broadening the scope of the concepts structure to include normative agency-theoretic considerations, which would bring the legitimate interests of management into the concepts structure, with the potential to move some of the trade-offs necessary to secure managers' acceptance of accounting standards into the structure itself. [source]

Audit Reports on Financial Statements Prepared According to IASB Standards: Empirical Evidence from the European Union

INTERNATIONAL JOURNAL OF AUDITING, Issue 3 2004
Maria A. Garcia-Benau
This paper examines the audit report of 147 firms from the European Union that prepare their financial statements in compliance with the standards developed by the International Accounting Standards Board. Bearing in mind that the consolidated accounts of listed companies will follow IAS from 2005 onwards, the purpose of this paper is to provide some insight into the current outcome of the statutory audit on this information. Interesting conclusions are drawn from this empirical study with regard to the auditing standards applied, the wording used and the differences observed between reports produced by auditors from the big firms and reports from different European countries. The need to harmonise the auditing field is discussed under the results obtained, with the final aim to contribute to the standard-setting debate on the creation of a high quality financial reporting system in the European Union. [source]

Another step toward global convergence

JOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 6 2008
Kang Cheng
The Financial Accounting Standards Board and the International Accounting Standards Board have worked together to develop a single set of accounting standards for business combinations. It will make things easier for corporate finance and accounting professionals when dealing with domestic versus international acquisitions. However, at first glance, the new FASB standard looks like a total revision of SFAS No. 141. What are the latest changes? © 2008 Wiley Periodicals, Inc. [source]

Relative Value Relevance of Alternative Accounting Treatments for Unrealized Gains: Implications for the IASB

JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 3 2006
Stephen Owusu-Ansah
We investigate the relative value relevance of the alternative accounting methods for unrealized gains on investment properties in New Zealand (NZ). Using both the Likelihood-ratio test and the F -test, we find that, while preferred by the NZ standard setter, recognition of unrealized gains in the income statement is not superior to (or significantly different from) recognition of unrealized gains in revaluation reserve in terms of their value relevance. The results are robust to the different research methods we used. Our results have implications for the International Accounting Standards Board in terms of: (i) recognizing changes in fair values of investment properties in the income statement under the revised IAS 40: Investment Property in countries where "realization" refers to net income available for distribution; (ii) its intent to issue a standard on a single statement of comprehensive income; and (iii) its initiative to reduce or eliminate alternative accounting treatments for similar fact situations in its standards. [source]

The IASB Agenda , A Moving Target

AUSTRALIAN ACCOUNTING REVIEW, Issue 42 2007
WOLFGANG DICK
This paper reviews the agenda of the International Accounting Standards Board (IASB) and the opportunities for research that it provides. The paper analyses the progress of topics on the 2001 agenda and concludes that evolution is variable, partly due to the appearance of later priorities. It goes on to discuss how research may inform standard-setting and analyses how major projects currently on the agenda lend themselves to academic research. [source]

Commentary: Has Australia (or Any Other Jurisdiction) ,Adopted' IFRS?1

AUSTRALIAN ACCOUNTING REVIEW, Issue 2 2010
Stephen A. Zeff
This paper replies to a statement made in this journal that ,Australia definitely adopts IFRSs'. We analyse and compare the several methods that jurisdictions can use to implement International Financial Reporting Standards (IFRS). These include adopting the International Accounting Standards Board's (IASB) process of setting standards, as well as various forms of standard-by-standard implementation. We conclude that the Australian method of implementation is different in major ways from those used in such countries as Israel and South Africa, which involve adopting the IASB's process. By contrast, Australia follows a multi-step process of enrolling each new standard into a category still entitled ,Australian Accounting Standards'. To refer to the Australian method as ,adoption' of IFRS might therefore mislead, even though Australian companies eventually comply with IFRS. [source]