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You can view the full list of cookies in our privacy policy. Phrase search. Word search. About us Who we are. Our structure. Working in the public interest. Supported by a structured literature review, this paper fills in a research gap by conducting a scientometric analysis of papers on the relationship between IFRS enforcement and accounting quality construed in a broad sense.
It reviews papers published between and selected from the Web of Science database, particularly analyzing main journals, authors, geographic areas of study, methods used, specific topics explored and future lines of research to be developed.
Main findings show a shortage of studies analyzing IFRS enforcement practices in individual countries and, in turn, the impact these practices may have on the accounting quality. This gap calls for further research to know the effectiveness of the IFRS-related enforcement mechanisms. This study fills this research gap and improves the understanding about what has been published on the topic, also proposing an agenda for future research that can help regulators to adjust policies for the implementation and enforcement of IFRS.
Silva, A. In the first decade, there was a lot of goodwill towards this goal and the number of countries adopting the International Financial Reporting Standards IFRS grew slowly. By the end of the s, the economic landscape changed. First, in the aftermath of the financial crisis, doubts whether the IFRS contributed to market fluctuations during such a crisis came up.
Second, the introduction of IFRS for small and medium-sized enterprises SMEs , comprising companies not listed in the European Union, has not been successful, many large countries maintained generally accepted accounting principles GAAP of their own. Third, the wish of the U. In order to adapt to a changing landscape and to keep its role as a vibrant global accounting standard-setter, the IASB carried out an agenda consultation.
The Mission Statement in the first decade underlines that the IASB will develop a "single set of high quality, understandable and enforceable global standards," which produces "high quality, transparent and comparable information in financial statements. However, when the IASB describes high quality accounting standards and high quality accounting information in its publications, it never provides a concise definition of this concept. Its publications always provide a description of characteristics and other aspects concerning the consequences of high quality information.
When academic researchers investigate whether accounting information quality has improved after the introduction of the IFRS, they also face the challenge of defining the concept accounting quality.
Rather than providing a definition, academic scholars also describe the consequences of accounting quality. Nevertheless, they do so in a much more precise way that enables measuring the consequences of accounting quality in research models.
Academic scholars define accounting quality in terms of avoiding low quality information. The latter occurs when preparers smooth income, manage earnings upward or downward, avoid timely loss recognition, and manage the balance sheet values, for instance, through off-balance sheet financing.
Thus, accounting standards are regarded as having high quality when they do not provide preparers with discretion to smooth income, manage earnings upward or downward, defer recognition of losses, and manipulate balance sheet values. Low quality accounting standards allow preparers to show accounting numbers that reflect a firm's income and financial position different from the underlying economic situation.
However, does compliance with high quality accounting standards automatically lead to high quality reporting information? Do accounting numbers prepared through high quality accounting standards always represent the underlying economic reality of the company?
Accounting and Business Research41 3 , Intended and unintended consequences of mandatory IFRS adoption. European Accounting Review22 1 , High quality standards implemented in a defective manner will not result in high quality financial reports. Without proper enforcement, even high quality accounting standards will produce low quality accounting information. Pope and McLeay and Bruggeman et al. Many academic studies for an overview see Institute of Chartered Accountants in England and Wales, indicate that an increase in accounting quality after IFRS adoption significantly differs from country to country, depending on the characteristics of the institutional environment where a company operates.
Differences in investor protection laws and in the quality of accounting standards enforcement between countries lead to differences in accounting quality worldwide, despite the fact that all financial statements provide that they are prepared in compliance with the IFRS. So, academic research shows that the ultimate goal of the IASB, namely, improving the financial information quality worldwide, is something which it is not able to pursue on its own.
The IASB can provide a part of the building blocks needed i. Hence, the core objective of the IASB's Mission Statement in the first decade can be grasped only if national authorities and surveillance authorities make the institutional changes needed as well.
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