Intended and Unintended Consequences of Mandatory IFRS Adoption: A Review of Extant Evidence and Suggestions for Future Research

References

• AcSB (Accounting Standards Board) (2010) Exposure Draft: Adoption of IFRSs by Entities with Rate-regulated Activities. July 2010.
   Google Scholar
• AGFRC (Australian Government Financial Reporting Council) (2002) Adoption of International Accounting Standards by 2005. Bulletin 2002/4 of 3 July 2002.
   Google Scholar
• Aharony , J. , Barniv , R. and Falk , H. 2010 . The impact of mandatory IFRS adoption on equity valuation of accounting numbers for security investors in the EU . The European Accounting Review , 19 ( 3 ) : 535 – 578 . (doi:10.1080/09638180.2010.506285)
   Web of Science ®Google Scholar
• Ahmed, A. S., Neel, M. and Wang, D. (2012) Does mandatory adoption of IFRS improve accounting quality? Contemporary Accounting Research, forthcoming.
   Google Scholar
• Amiram, D. (2009) Financial Information Globalization and Foreign Investment Decisions, Working paper, University of North Carolina.
   Google Scholar
• Armstrong , C. S. , Barth , M. E. , Jagolinzer , A. D. and Riedl , E. J. 2010 . Market reaction to the adoption of IFRS in Europe . The Accounting Review , 85 ( 1 ) : 31 – 61 . (doi:10.2308/accr.2010.85.1.31)
   Web of Science ®Google Scholar
• Atwood , T. J. , Drake , M. S. , Myers , J. N. and Myers , L. A. 2011 . Do earnings reported under IFRS tell us more about future earnings and cash flows? . Journal of Accounting and Public Policy , 30 ( 2 ) : 103 – 121 . (doi:10.1016/j.jaccpubpol.2010.10.001)
   Web of Science ®Google Scholar
• Ball , R. 2006 . International financial reporting standards (IFRS): pros and cons for investors . Accounting and Business Research , 36(Supplement 1), Special Issue: International Accounting Policy Forum, pp. 5–27
   Google Scholar
• Ball , R. , Kothari , S. P. and Robin , A. 2000 . The effect of international institutional factors of properties of accounting earnings . Journal of Accounting and Economics , 29 ( 1 ) : 1 – 51 . (doi:10.1016/S0165-4101(00)00012-4)
   Web of Science ®Google Scholar
• Barth , M. E. , Landsman , W. R. and Lang , M. H. 2008 . International accounting standards and accounting quality . Journal of Accounting Research , 46 ( 3 ) : 467 – 498 . (doi:10.1111/j.1475-679X.2008.00287.x)
   Web of Science ®Google Scholar
• Barth, M. E., Landsman, W. R., Young, D. and Zhuang, Z. (2011) Relevance of Differences between Net Income based on IFRS and Domestic Standards for European Firms, Working paper, Stanford University, University of North Carolina, and Chinese University of Hong Kong.
   Google Scholar
• Barth , M. E. , Landsman , W. R. , Lang , M. and Williams , C. 2012 . Are IFRS-based and US GAAP-based accounting amounts comparable? . Journal of Accounting and Economics , 54 ( 1 ) : 68 – 93 . (doi:10.1016/j.jacceco.2012.03.001)
   Web of Science ®Google Scholar
• Beneish , M. D. and Yohn , T. L. 2008 . Information frictions and investors home bias: a perspective on the effect of global IFRS adoption on the extent of equity home bias . Journal of Accounting and Public Policy , 27 ( 6 ) : 433 – 443 . (doi:10.1016/j.jaccpubpol.2008.09.001)
   Web of Science ®Google Scholar
• Beneish, M. D., Miller, B. P. and Yohn, T. L. (2012) The Impact of Financial Reporting on Equity versus Debt Markets: Macroeconomic Evidence from Mandatory IFRS Adoption, Working paper, Indiana University.
   Google Scholar
• Beuselinck , C. , Joos , P. , Khurana , I. and Van der Meulen , S. 2010 . Mandatory IFRS Reporting and Stock Price Informativeness, Working paper, Tilburg University and University of Missouri at Columbia
   Google Scholar
• Bhat, G., Callen, J. L. and Segal, D. (2011) Credit Risk and IFRS: The Case of Credit Default Swaps, Working paper, Washington University, University of Toronto, and Arison School of Business.
   Google Scholar
• Biddle, G. C., Callahan, C. M., Hong, H. A. and Knowles, R. L. (2011) Does Mandatory Adoption of International Financial Reporting Standards Increase Investment Efficiency?, Working paper, The University of Hong Kong, University of Memphis, and Texas State University.
   Google Scholar
• Brüggemann, U., Daske, H., Homburg, C. and Pope, P. F. (2012) How Do Individual Investors React to Global IFRS Adoption? Working paper, Humboldt University of Berlin, University of Mannheim, University of Cologne, and Cass Business School.
   Google Scholar
• Bushman , R. and Landsman , W. R. 2010 . The pros and cons of regulating corporate reporting: a critical review of the arguments . Accounting and Business Research , 40 ( 3 ) : 259 – 273 . (doi:10.1080/00014788.2010.9663400)
   Web of Science ®Google Scholar
• Byard , D. , Li , Y. and Yu , Y. 2011 . The effect of mandatory IFRS adoption on financial analysts’ information environment . Journal of Accounting Research , 49 ( 1 ) : 69 – 96 . (doi:10.1111/j.1475-679X.2010.00390.x)
   Web of Science ®Google Scholar
• Callao , S. and Jarne , J. I. 2010 . Have IFRS affected earnings management in the European Union? . Accounting in Europe , 7 ( 2 ) : 159 – 189 . (doi:10.1080/17449480.2010.511896)
   Google Scholar
• Cascino, S. and Gassen, J. (2011) Comparability Effects of Mandatory IFRS Adoption, Working paper, London School of Economics and Humboldt University of Berlin.
   Google Scholar
• CEBS (Committee of European Banking Supervisors) (2007) Analytical Report on Prudential Filters for Regulatory Capital, October 2007.
   Google Scholar
• CESR (Committee of European Securities Regulators) (2007) CESR's Review of the Implementation and Enforcement of IFRS in the EU, Ref: 07–352.
   Google Scholar
• Chen, K. C. W. and Tang, F. (2009) Do Firms Use the Unrealized Gains Mandated by IFRS to Increase Executive Cash Compensation? Evidence from Family-owned Property Companies in Hong Kong, Working paper, Hong Kong University of Science and Technology.
   Google Scholar
• Chen, C. J. P., Ding, Y. and Xu, B. (2011) Convergence of Accounting Standards and Foreign Direct Investment, Working paper, City University of Hong Kong and China Europe International Business School.
   Google Scholar
• Christensen , H. B. , Lee , E. and Walker , M. 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 , 42 ( 4 ) : 341 – 379 . (doi:10.1016/j.intacc.2007.09.007)
   Google Scholar
• Christensen , H. B. , Lee , E. and Walker , M. 2009 . Do IFRS reconciliations convey information? The effect of debt contracting . Journal of Accounting Research , 47 ( 5 ) : 1167 – 1199 . (doi:10.1111/j.1475-679X.2009.00345.x)
   Web of Science ®Google Scholar
• Christensen, H. B., Hail, L. and Leuz, C. (2012a) Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and Enforcement, Working paper, University of Chicago and University of Pennsylvania.
   Google Scholar
• Christensen, H. B., Hail, L. and Leuz, C. (2012b) Mandatory IFRS Reporting and Changes in Enforcement, Working paper, University of Chicago and University of Pennsylvania.
   Google Scholar
• Cuijpers , R. and Buijink , W. 2005 . Voluntary adoption of non-local GAAP in the European Union: a study of determinants and consequences . The European Accounting Review , 14 ( 3 ) : 487 – 524 . (doi:10.1080/0963818042000337132)
   Google Scholar
• Daske , H. 2006 . Economic benefits of adopting IFRS or US-GAAP – have the expected cost of equity capital really decreased? . Journal of Business Finance and Accounting , 33 ( 3/4 ) : 329 – 373 . (doi:10.1111/j.1468-5957.2006.00611.x)
   Web of Science ®Google Scholar
• Daske , H. , Hail , L. , Leuz , C. and Verdi , R. S. 2008 . Mandatory IFRS reporting around the world: early evidence on the economic consequences . Journal of Accounting Research , 46 ( 5 ) : 1085 – 1142 .
   Web of Science ®Google Scholar
• Daske, H., Hail, L., Leuz, C. and Verdi, R. S. (2011) Adopting a Label: Heterogeneity in the Economic Consequences Around Voluntary IAS and IFRS Adoptions, Working paper, University of Mannheim, University of Pennsylvania, University of Chicago, and Massachusetts Institute of Technology.
   Google Scholar
• DeFond , M. , Hu , X. , Hung , M. and Li , S. 2011 . The impact of IFRS adoption on foreign mutual fund ownership: the role of comparability . Journal of Accounting and Economics , 51 ( 3 ) : 240 – 258 . (doi:10.1016/j.jacceco.2011.02.001)
   Web of Science ®Google Scholar
• Demski , J. S. 1973 . The general impossibility of normative accounting standards . The Accounting Review , 48 ( 4 ) : 718 – 723 .
   Google Scholar
• EC (European Communities) . 2002 . Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards . Official Journal of the European Communities , L243 : 1 – 4 .
   Google Scholar
• Endres , D. , Oestreicher , A. , Scheffler , W. and Spengel , C. 2007 . The Determination of Corporate Taxable Income in the EU Member States , Alphen aan den Rijn : Kluwer Law International .
   Google Scholar
• Ernstberger , J. , Stich , M. and Vogler , O. 2012 . Economic consequences of accounting enforcement reforms: The case of Germany . The European Accounting Review , 21 ( 2 ) : 217 – 251 . (doi:10.1080/09638180.2011.628096)
   Web of Science ®Google Scholar
• Florou, A. and Kosi, U. (2011) The Economic Consequences of Mandatory IFRS Adoption for Debt Financing, Working paper, University of Macedonia and Lancaster University.
   Google Scholar
• Florou , A. and Pope , P. F. 2012 . Mandatory IFRS adoption and investor asset allocation decisions . The Accounting Review , forthcoming
   Google Scholar
• Fülbier , R. U. , Hitz , J.-M. and Sellhorn , T. 2009 . Relevance of academic research and researchers’ role in the IASB's financial reporting standard setting . Abacus , 45 ( 4 ) : 455 – 492 . (doi:10.1111/j.1467-6281.2009.00300.x)
   Web of Science ®Google Scholar
• Garcia Lara , J. M. , Garcia Osma , B. and Gill de Albornoz Noguer , B. 2006 . Effects of database choice on international accounting research . Abacus , 42 ( 3–4 ) : 426 – 454 . (doi:10.1111/j.1467-6281.2006.00209.x)
   Web of Science ®Google Scholar
• Gebhardt , G. and Novotny-Farkas , Z. 2011 . The effects of IFRS adoption on the financial reporting quality of European banks . Journal of Business Finance & Accounting , 38 ( 3–4 ) : 289 – 333 . (doi:10.1111/j.1468-5957.2011.02242.x)
   Web of Science ®Google Scholar
• Gee , M. , Haller , A. and Nobes , C. 2010 . The influence of tax on IFRS consolidated statements: the convergence of Germany and the UK . Accounting in Europe , 7 ( 1 ) : 97 – 122 . (doi:10.1080/17449480.2010.485382)
   Google Scholar
• Glaum, M., Schmidt, P., Street, D. L. and Vogel, S. (2010) Compliance with Disclosures Required by IFRSs Across 17 European Countries: Company-level and Country-level Determinants, Accounting and Business Research, forthcoming.
   Google Scholar
• Goncharov , I. and van Triest , S. 2011 . Do fair value adjustments influence dividend policy? . Accounting and Business Research , 42 ( 1 ) : 51 – 68 . (doi:10.1080/00014788.2011.549637)
   Google Scholar
• Goncharov, I. and van Triest, S. (2012) Fair Value Accounting, Dividends, and Agency Costs: Unintended Consequences of Changing Accounting Standards, Working paper, WHU – Otto Beisheim School of Management and Amsterdam Business School.
   Google Scholar
• Hail, L. and Leuz, C. (2007) Capital Market Effects of Mandatory IFRS Reporting in the EU: Empirical Evidence, Report made available by the Netherlands Authority for the Financial Markets (AFM).
   Google Scholar
• Hail , L. , Leuz , C. and Wysocki , P. D. 2010 . Global accounting convergence and the potential adoption of IFRS by the U.S. (part I): conceptual underpinnings and economic analysis . Accounting Horizons , 24 ( 3 ) : 355 – 394 . (doi:10.2308/acch.2010.24.3.355)
   Web of Science ®Google Scholar
• He , X. , Wong , T. J. and Young , D. 2011 . Challenges for implementation of fair value accounting in emerging markets: evidence from China . Contemporary Accounting Research , 29(2), pp. 538–562
   Web of Science ®Google Scholar
• Healy , P. M. 1985 . The impact of bonus schemes on the selection of accounting principles . Journal of Accounting and Economics , 7 ( 1–3 ) : 85 – 107 . (doi:10.1016/0165-4101(85)90029-1)
   Web of Science ®Google Scholar
• Hitz , J.-M. , Ernstberger , J. and Stich , M. 2012 . Enforcement of accounting standards in Europe: capital market based evidence for the two-tier mechanism in Germany . The European Accounting Review , 21 ( 2 ) : 253 – 281 . (doi:10.1080/09638180.2011.641727)
   Web of Science ®Google Scholar
• Holthausen , R. W. 2009 . Accounting standards, financial reporting outcomes, and enforcement . Journal of Accounting Research , 47 ( 2 ) : 447 – 458 . (doi:10.1111/j.1475-679X.2009.00330.x)
   Web of Science ®Google Scholar
• Holthausen , R. W. and Leftwich , R. W. 1983 . The economic consequences of accounting choice: implications of costly contracting and monitoring . Journal of Accounting and Economics , 5 : 77 – 117 . (doi:10.1016/0165-4101(83)90007-1)
   Web of Science ®Google Scholar
• Horton , J. and Serafeim , G. 2010 . Market reaction to and valuation of IFRS reconciliation adjustments: first evidence from the UK . Review of Accounting Studies , 15 ( 4 ) : 725 – 751 . (doi:10.1007/s11142-009-9108-5)
   Web of Science ®Google Scholar
• Horton , J. , Serafeim , G. and Serafeim , I. 2012 . Does mandatory IFRS adoption improve the information environment? . Contemporary Accounting Research , forthcoming
   Google Scholar
• IFRSF (International Financial Reporting Standards Foundation) . 2010a . Framework for the Preparation and Presentation of Financial Statements London
   Google Scholar
• IFRSF (International Financial Reporting Standards Foundation) . 2010b . Preface to International Financial Reporting Standards London
   Google Scholar
• Jeanjean , T. and Stolowy , H. 2008 . Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption . Journal of Accounting and Public Policy , 27 ( 6 ) : 480 – 494 . (doi:10.1016/j.jaccpubpol.2008.09.008)
   Web of Science ®Google Scholar
• Jones , J. J. 1991 . Earnings management during import relief investigations . Journal of Accounting Research , 29 ( 2 ) : 193 – 228 . (doi:10.2307/2491047)
   Web of Science ®Google Scholar
• de Jong , A. , Rosellón , M. and Verwijmeren , P. 2006 . The economic consequences of IFRS: the impact of IAS 32 on preference shares in the Netherlands . Accounting in Europe , 3 ( 1 ) : 169 – 185 . (doi:10.1080/09638180600920350)
   Google Scholar
• Khurana , I. K. and Michas , P. 2011 . Mandatory IFRS adoption and the U.S. home bias . Accounting Horizons , 25 ( 4 ) : 729 – 753 . (doi:10.2308/acch-50075)
   Web of Science ®Google Scholar
• Kim, Y. and Li, S. (2011) The Externality Effect of Accounting Standards Convergence: Evidence from Cross-border Information Transfers Around EU Mandatory IFRS Adoption, Working paper, Santa Clara University.
   Google Scholar
• Kvaal , E. and Nobes , C. 2010 . International differences in IFRS policy choice: a research note . Accounting and Business Research , 40 ( 2 ) : 173 – 187 . (doi:10.1080/00014788.2010.9663390)
   Web of Science ®Google Scholar
• Kvaal , E. and Nobes , C. 2012 . IFRS policy changes and the continuation of national patterns of IFRS practice . The European Accounting Review , 21 ( 2 ) : 343 – 371 . (doi:10.1080/09638180.2011.611236)
   Web of Science ®Google Scholar
• Lambert , R. , Leuz , C. and Verrecchia , R. 2007 . Accounting information, disclosure, and the cost of capital . Journal of Accounting Research , 45 ( 2 ) : 385 – 420 . (doi:10.1111/j.1475-679X.2007.00238.x)
   Web of Science ®Google Scholar
• Landsman , W. R. , Maydew , E. L. and Thornock , J. R. 2012 . The information content of annual earnings announcements and mandatory adoption of IFRS . Journal of Accounting and Economics , 53 ( 1–2 ) : 34 – 54 . (doi:10.1016/j.jacceco.2011.04.002)
   Web of Science ®Google Scholar
• Lang, M., Maffett, M. and Owens, E. (2010) Earnings Co-movement and Accounting Comparability: The Effects of Mandatory IFRS Adoption, Working paper, UNC-Chapel Hill and University of Rochester.
   Google Scholar
• Leftwich , R. W. 1983 . Accounting information in private markets: evidence from private lending agreements . The Accounting Review , 58 ( 1 ) : 23 – 42 .
   Web of Science ®Google Scholar
• Leuz , C. 2010 . Different approaches to corporate reporting regulation: how jurisdictions differ and why . Accounting and Business Research , 40 ( 3 ) : 229 – 256 . (doi:10.1080/00014788.2010.9663398)
   Web of Science ®Google Scholar
• Leuz , C. and Verrecchia , R. E. 2000 . The economic consequences of increased disclosure . Journal of Accounting Research , 38 ( Supplement ) : 91 – 124 . (doi:10.2307/2672910)
   Web of Science ®Google Scholar
• Leuz, C. and Wysocki, P. D. (2008) Economic Consequences of Financial Reporting and Disclosure Regulation: A Review and Suggestions for Future Research, Working paper, University of Chicago and Massachusetts Institute of Technology.
   Google Scholar
• Leuz , C. , Deller , D. and Stubenrath , M. 1998 . An international comparison of accounting-based payout restrictions in the United States, United Kingdom and Germany . Accounting and Business Research , 28 ( 2 ) : 111 – 129 . (doi:10.1080/00014788.1998.9728903)
   Google Scholar
• Leuz , C. , Nanda , D. and Wysocki , P. D. 2003 . Earnings management and investor protection: an international comparison . Journal of Financial Economics , 69 ( 3 ) : 505 – 527 . (doi:10.1016/S0304-405X(03)00121-1)
   Web of Science ®Google Scholar
• Li , N. 2010 . Negotiated measurement rules in debt contracts . Journal of Accounting Research , 48 ( 5 ) : 1103 – 1144 . (doi:10.1111/j.1475-679X.2010.00386.x)
   Web of Science ®Google Scholar
• Li , S. 2010 . Does mandatory adoption of international financial reporting standards in the European Union reduce the cost of equity capital? . The Accounting Review , 85 ( 2 ) : 607 – 636 . (doi:10.2308/accr.2010.85.2.607)
   Web of Science ®Google Scholar
• Liao , Q. , Sellhorn , T. and Skaife , H. A. 2011 . The cross-country comparability of IFRS earnings and book values: evidence from France and Germany . Journal of International Accounting Research , 11 ( 1 ) : 155 – 184 . (doi:10.2308/jiar-10215)
   Google Scholar
• Márquez-Ramos , L. 2011 . European accounting harmonization: consequences of IFRS adoption on trade in goods and foreign direct investments . Emerging Markets Finance and Trade , 47 ( 5 ) : 42 – 57 . (doi:10.2753/REE1540-496X4705S403)
   Google Scholar
• Muller , K. A. , Riedl , E. J. and Sellhorn , T. 2011 . Mandatory fair value accounting and information asymmetry: evidence from the European real estate industry . Management Science , 57 ( 6 ) : 1138 – 1153 . (doi:10.1287/mnsc.1110.1339)
   Web of Science ®Google Scholar
• Ormrod , P. and Taylor , P. 2004 . The impact of the change to international accounting standards on debt covenants: a UK perspective . Accounting in Europe , 1 ( 1 ) : 71 – 94 . (doi:10.1080/0963818042000262775)
   Google Scholar
• Ozkan , N. , Singer , Z. and You , H. 2012 . Mandatory IFRS adoption and the contractual usefulness of accounting information in executive compensation . Journal of Accounting Research , 50(4), pp. 1077–1107
   Web of Science ®Google Scholar
• Panaretou , A. , Shackleton , M. B. and Taylor , P. A. 2012 . Corporate risk management and hedge accounting . Contemporary Accounting Research , forthcoming
   Google Scholar
• Pope , P. F. and McLeay , S. J. 2011 . The European IFRS experiment: objectives, research challenges and some early evidence . Accounting and Business Research , 41 ( 3 ) : 233 – 266 . (doi:10.1080/00014788.2011.575002)
   Web of Science ®Google Scholar
• PricewaterhouseCoopers (2008) Application of IFRS to Rate Regulations in North American Utilities companies. http://www.pwc.com/en_US/us/utilities/assets/2008_utilities_ifrs_north_america.pdf.
   Google Scholar
• Schleicher , T. , Tahoun , A. and Walker , M. 2010 . IFRS adoption in Europe and investment-cash flow sensitivity: outsider versus insider economics . The International Journal of Accounting , 45 ( 2 ) : 143 – 168 . (doi:10.1016/j.intacc.2010.04.007)
   Google Scholar
• Securities and Exchange Commission (SEC) (2000) Final Rule: Selective Disclosure and Insider Trading. http://www.sec.gov/rules/final/33-7881.htm.
   Google Scholar
• Sellhorn , T. and Gornik-Tomaszewski , S. 2006 . Implications of the ‘IAS Regulation’ for research into the international differences in accounting systems . Accounting in Europe , 3 ( 1 ) : 187 – 217 . (doi:10.1080/09638180600920392)
   Google Scholar
• Shackelford , D. A. and Shevlin , T. 2001 . Empirical tax research in accounting . Journal of Accounting and Economics , 31 ( 1–3 ) : 321 – 387 . (doi:10.1016/S0165-4101(01)00022-2)
   Web of Science ®Google Scholar
• Shima , K. M. and Gordon , E. A. 2011 . IFRS and the regulatory environment: the case of U.S. investor allocation choice . Journal of Accounting and Public Policy , 30 ( 5 ) : 481 – 500 . (doi:10.1016/j.jaccpubpol.2011.07.001)
   Web of Science ®Google Scholar
• Smith , C. W. Jr. and Warner , J. B. 1979 . On financial contracting: an analysis of bond covenants . Journal of Financial Economics , 7 ( 2 ) : 117 – 161 . (doi:10.1016/0304-405X(79)90011-4)
   Web of Science ®Google Scholar
• Soderstrom , N. S. and Sun , K. J. 2007 . IFRS adoption and accounting quality: a review . The European Accounting Review , 16 ( 4 ) : 675 – 702 . (doi:10.1080/09638180701706732)
   Web of Science ®Google Scholar
• Tan , H. , Wang , S. and Welker , M. 2011 . Analyst following and forecast accuracy after mandated IFRS adoptions . Journal of Accounting Research , 49 ( 5 ) : 1307 – 1357 . (doi:10.1111/j.1475-679X.2011.00422.x)
   Web of Science ®Google Scholar
• van Tendeloo , B. and Vanstraelen , A. 2005 . Earnings management under German GAAP versus IFRS . The European Accounting Review , 14 ( 1 ) : 155 – 180 . (doi:10.1080/0963818042000338988)
   Google Scholar
• Verriest , A. , Gnaeremynck , A. and Thornton , D. B. 2012 . The impact of Corporate Governance and IFRS adoption choices . The European Accounting Review , forthcoming
   Google Scholar
• Voulgaris, G., Gaeremynck, K. and Walker, M. (2011) IFRS and the Use of Accounting-Based Performance Measures in Executive Pay, Working Paper, University of Edinburgh Business School and Manchester Business School.
   Google Scholar
• Vulcheva, M. I. (2011) International accounting standardization across countries with unequal enforcement – questionable benefits at a high price? Ph.D. dissertation, Emory University.
   Google Scholar
• Wang, C. (2011) Accounting Standards Harmonization and Financial Statement Comparability: Evidence from Transnational Information Transfer, Working paper, University of Pennsylvania.
   Google Scholar
• Wang , S. and Welker , M. 2011 . Timing equity issuance in response to information asymmetry arising from IFRS adoption in Australia and Europe . Journal of Accounting Research , 49 ( 1 ) : 257 – 307 . (doi:10.1111/j.1475-679X.2010.00392.x)
   Web of Science ®Google Scholar
• Watts , R. L. and Zimmerman , J. L. 1978 . Towards a positive theory of the determination of accounting standards . The Accounting Review , 53 ( 1 ) : 112 – 134 .
   Web of Science ®Google Scholar
• Watts , R. L. and Zimmerman , J. L. 1986 . Positive Accounting Theory , Englewood Cliffs , NJ : Prentice-Hall .
   Google Scholar
• Wu, J. S. and Zhang, I. X. (2009) The Adoption of Internationally Recognized Accounting Standards: Implications for the Credit Markets, Working paper, University of Rochester and University of Minnesota.
   Google Scholar
• Wu, J. S. and Zhang, I. X. (2010) Accounting Integration and Comparability: Evidence from Relative Performance Evaluation around IFRS Adoption, Working paper, University of Rochester and University of Minnesota.
   Google Scholar
• Yip , R. W. W. Y. and Young , D. 2012 . Does mandatory IFRS adoption improve information comparability? . The Accounting Review , forthcoming
   Google Scholar
• Yu, G. (2010) Accounting standards and international portfolio holdings: analysis of cross-border holdings following mandatory adoption of IFRS, Ph.D. dissertation, University of Michigan at Ann Arbor.
   Google Scholar
• Zeff , S. A. 1978 . The rise of ‘economic consequences’ . Journal of Accountancy , 146(December) : 56 – 63 .
   Web of Science ®Google Scholar