Optional accounting criteria under IFRSs and corporate characteristicsevidence from Spain

  1. Aledo Martínez, Juana
  2. García Martínez, Fernando
  3. Marín Diazaraque, Miguel
Revista:
Revista de contabilidad = Spanish accounting review: [RC-SAR]

ISSN: 1138-4891

Año de publicación: 2011

Volumen: 14

Número: 1

Páginas: 59-85

Tipo: Artículo

DOI: 10.1016/S1138-4891(11)70022-X DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Otras publicaciones en: Revista de contabilidad = Spanish accounting review: [RC-SAR]

Resumen

La adopción de las NIIFs por los Estados Miembro de la UE en 2005 representa uno de los acontecimientos en materia armonizadora más importantes de los últimos años. En este artículo examinamos los estados financieros de las compañías cotizadas españolas que integran el Mercado Continuo, con la finalidad de determinar los criterios contables opcionales adoptados de conformidad con las NIIFs, e identificamos las características corporativas de estas compañías que influyen en dicha elección. Los resultados alcanzados revelan que los grupos españoles adoptan los criterios más conservadores con la finalidad de limitar el número de cambios a introducir en relación a los criterios contables locales aplicados con anterioridad, especialmente en lo que a opciones de presentación y valoración se refiere. Adicionalmente, encontramos que factores tales como el sector de actividad, la rentabilidad financiera, el tamaño y el tipo de compañía auditora (Big Four vs. otras) influyen en la elección de los criterios adoptados para elaborar los estados financieros. El análisis de estos resultados proporciona las bases para la discusión entre los principales emisores internacionales de normativa contable (entre ellos, IASB y FASB) y los reguladores que trabajan con el objetivo de alcanzar la convergencia.

Referencias bibliográficas

  • Aisbitt, S. (2006): "Assesing the Effect of the Transition to IFRS on Equity: The Case of the FTSE 100". Accounting in Europe, Vol. 3, pp. 117-133.
  • Aledo Martínez, J., García Martínez, F. and Marín Diazaraque, J.M. (2006): Evaluación del impacto causado por la primera aplicación en España de las Normas Internacionales de Información Financiera, Madrid, ed. ICAC.
  • Ali, A. and Hwang, L.-S. (2000): "Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data". Journal of Accounting Research, Vol. 38(1), pp. 1-21.
  • Ashbaugh, H. y Pincus, M. (2001): "Domestic Accounting Standards, International Accounting Standards, and the Predictability of Earnings". Journal of Accounting Research, Vol.39 No 3, pp. 417-434.
  • Ball, R. and Shivakumar, L. (2005): "Earnings quality in U.K. private firms". Journal of Accounting and Economics, Vol. 39(1), pp. 83-128.
  • Ball, R. and Brown, P. (1968): "An Empirical Evaluation of Accounting Income Number". Journal of Accounting Research, Vol. 6(2), pp. 159-178.
  • Ball, R. and Foster, G. (1982): "Corporate Financial Reporting: A Methodological Review of Empirical Research". Journal of Accounting Research, Vol. 20(Supplement), pp. 161-234.
  • BDO, Deloitte Touche Tohmatsu, Ernst & Young, Grant Thornton, KPMG and PriceWaterhouseCoopers (2003): GAAP Convergence 2002: A Survey of National Efforts to Promote and Achieve Convergence with International Financial Reporting Standards. Available: http://www.iasplus.com/resource/ifad.htm (access: July 2007).
  • Beaver, W. (1968): "The Information Content of Annual Earnings Announcements". Journal of Accounting Research, 6(Supplement), pp. 67-92.
  • Biddle, G.C. and Saudagaran, S.M. (1991): "Foreign Stock Listings: Benefits, Costs, and the Accounting Policy Dilemma". Accounting Horizons, Vol. 5(3), pp. 69-80.
  • Brown, P. and Tarca, A. (2005): "A Commentary on Issues Relating to the Enforcement of International Financial Reporting Standards in the EU". European Accounting Review, Vol. 14(1), pp. 181-212.
  • Burgstahler, D., Hail, L. and Leuz, C. (2006): "The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms". The Accounting Review, Vol. 81(5), pp. 983-1016.
  • Callao, S., Jarne, J.I. and Laínez, J.A. (2007): "Adoption of IFRS in Spain: Effect on comparability and relevance of financial reporting". Journal of International Accounting, Auditing and Taxation, Vol. 16(2), pp. 148-178.
  • Cazavan-Jeny, A. and Jeanjean, T. (2007): "Accounting choices under IFRS 1: Analysis and Determinants". Working paper presented at 3rd annual workshop of the European Financial Reporting Research Group.
  • Chen, K.C.W. and Wei, K.C.J. (1993): "Creditors' Decisions to Waive Violations of Accounting-Based Debt Covenants". The Accounting Review, 88(2), pp. 218-232.
  • Choi, F.D.S and Levich, R.M. (1991): "Behavioural Effects of International Accounting Diversity". Accounting Horizons, Vol. 5(2), pp. 1-13.
  • Cooke (1989): "Disclosure in the Corporate Annual Reports of Swedish Companies". Accounting and Business Research, Vol. 19(74), pp. 113-124.
  • Cuijpers, R. and Buijink, W. (2005): "Voluntary Adoption of Non-local GAAP in the European Union: a Study of Determinants and Consequences". European Accounting Review, Vol. 14(3), pp. 487-524.
  • Daske, H. (2006): "Economic Benefits of Adopting IFRS or US-GAAP-Have the Expected Cost of Equity Capital Really Decreased?. Journal of Business Finance & Accounting, Vol. 33(3 & 4), pp, 329-373.
  • Dechow, P.M. (1994): "Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals". Journal of Accounting and Economics, 18(1), pp. 3-42.
  • Delvaille, P., Ebbers, G. and Saccon, Ch. (2005): "International Financial Reporting Convergence: Evidence from Three Continental European Countries". Accounting in Europe, Vol. 2, pp.137-164.
  • Demaria, S. And Dufour, D. (2007): "First-time adoption of IFRS, Fair value option, Conservatism: Evidences from French listed companies". Working paper presented at 30th annual congress of the European Accounting Association.
  • Dumontier, P. and Raffournier, B. (1998): "Why Firms Comply Voluntarily with IAS: an Empirical Analysis with Swiss Data". Journal of International Financial Management and Accounting, Vol. 9(3), pp. 216-245.
  • Easton, P.D., Harris, T.S. and Ohlson, J.A. (1992): "Aggregate accounting earnings can explain most of security return: The case of long return intervals". Journal of Accounting and Economics, 15(2-3), pp. 119-142.
  • Easton, P.D. and Harris, T.S. (1991): "Earnings as an Explanatory Variable for Returns". Journal of Accounting Research, 29(1), pp. 19-36.
  • El-Gazzar, S.M., Finn, P.M. and Jacob, R. (1999): "An Empirical Investigation of Multinational Firms' Compliance with International Accounting Standards". The International Journal of Accounting, Vol. 34(2), pp. 239-248.
  • Fang, J. and Wong, T.J. (2002): "Corporate ownership structure and the informativeness of accounting earnings in East Asia". Journal of Accounting and Economics, Vol. 33(3), pp. 401-425.
  • Flower, J. (1997): "The future shape of harmonisation: The EU versus the IASC versus the SEC". The European Accounting Review, Vol. 6(2), pp. 281-303.
  • Francis, J., Schipper, K. And Vincent, L. (2002): "Earnings announcements and competing information". Journal of Accounting and Economics, 33, pp. 313-342.
  • Frankel, R. and Li, X. (2004): "Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders". Journal of Accounting and Economics, Vol. 37(2), pp. 229-259.
  • García Benau, M.A. and Zorio Grima, A. (2002): "Características de las empresas europeas que aplican las normas del IASC: Evidencia empírica de cara al debate regulador en la nueva fase de armonización contable". Revista Española de Financiación y Contabilidad, Vol. XXXI(11), pp. 75-110.
  • Giner Inchausti, B. (1997): "The influence of company characteristic and accounting regulation on information disclosed by Spanish firms". The European Accounting Review, 6 (1), pp. 45-68.
  • Glaum, M. and Street, D.L. (2003): "Compliance with the Disclosure Requirements of Germanys New Market: IAS versus US GAAP". Journal of International Financial Management and Accounting, Vol. 14(1), pp. 64-100.
  • Gonzalez Sanchez, M., Nave Pineda, J.M., and Toscano Pardo, D (2009): "Quantifying Effects of Mandatory Adoption of IFRS: A Dynamic Accounting Model". Working Paper-CEU-UCH EE 2009-08.
  • Guenther, D.A. and Young, D. (2000): "The association between financial accounting measures and real economic activity: a multinational study". Journal of Accounting and Economics, Vol. 29(1), pp. 53-72.
  • Haller, A. and Eierle, B. (2004): "The Adaptation of German Accounting Rules to IFRS: A Legislative Balancing Act". Accounting in Europe, Vol. 1, pp. 27-50.
  • Haller, A. (2002): "Financial accounting developments in the European Union: past events and future prospects". The European Accounting Review, Vol. 11(1), pp. 153-190.
  • Haverals, J. (2007): "IAS/IFRS in Belgium: Quantitative analysis of the impact on the tax burden of companies". Journal of International Accounting, Auditing and Taxation, Vol. 16, pp. 69-89.
  • Haw, I.-M., Hu, B., Hwang, L.-S. and Wu, W. (2004): "Ultimate ownership, income management, and legal and extra-legal institutions". Journal of Accounting Research, Vol. 42(2), pp. 423-462.
  • Hoogendoorn, M. (2006): "International Accounting Regulation and IFRS Implementation in Europe and Beyond-Experiences with First-time Adoption in Europe". Accounting in Europe, Vol. 3, pp. 23-26.
  • Hope, O.-K., Jin, J. and Kang, T. (2006): "Empirical Evidence on Jurisdictions that Adopt IFRS". Journal of International Accounting Research, Vol. 5(2), pp. 1-20.
  • Huber, P.J. (Ed.) (1981). Robust Statistics. New York: Wiley.
  • Jermakowicz, E.K. and Gornik-Tomaszewski, S. (2006): "Implementing IFRS from the perspective of EU publicly traded companies". Journal of International Accounting, Auditing and Taxation, Vol. 15, pp. 170-196.
  • Jermakowicz, E.K. (2004): "Effects of Adoption of International Financial Reporting Standards in Belgium: The evidence from BEL-20 Companies". Accounting in Europe, Vol. 1, pp. 51-70.
  • Lamb, M., Nobes, C. and Roberts, A. (1998): "International Variations in the Connections between Tax and Financial Reporting". Accounting and Business Research, Vol. 28(3), pp. 173-188.
  • La Porta, R., López de Silanes, F., Shleifer, A. and Wishny, R.W. (1998): "Law and Finance". Journal of Political Economy, Vol. 106(6), pp. 1113-1155.
  • Larson, R.K. and Street, D.L. (2004): "Convergence with IFRS in a expanding Europe: progress and obstacles identified by large accounting firms survey". Journal of International Accounting, Auditing and Taxation, Vol. 13, pp. 89-119.
  • Leuz, C. and Oberholzer-Gee, F. (2006): "Political relationships, global financing, and corporate transparency: evidence from Indonesia". Journal of Financial Economics, Vol. 81(2), pp. 411-439.
  • Lev, B. (1978): Análisis de los Estados Financieros: Un Nuevo Enfoque, Madrid, ed. ESIC.
  • Meek, G.K. and Thomas, W.B. (2004): "A Review of Markets-Based International Accounting Research". Journal of International Accounting Research, Vol. 3(1), pp. 21-41.
  • Murphy, A.B. (1999): "Firm Characteristics of Swiss Companies that Utilize International Accounting Standards". The International Journal of Accounting, Vol. 34(1), pp. 121-131.
  • Nobes, C.W. (2005): "Rules-Based Standards and the Lack of Principles in Accounting". Accounting Horizons, Vol. 19(1), pp. 25-34.
  • Ormrod, P. and Taylor, P. (2004): "The Impact of the Change to International Accounting Standards on Debt Covenants: A UK Perspective". Accounting in Europe, Vol. 1, pp. 71-94.
  • Pagano, M., Röell, A.A. and Zechner, J. (2002): "The Geography of Equity Listing: Why Do Companies List Abroad?". The Journal of Finance, Vol. LVII(6), pp. 2651-2694.
  • Ryan S. and Zarowin P.(2001): "Why Have Earnings Value-Relevance Declined? Working Paper. New York University
  • Saudagaran, S.M. and Biddle, G.C. (1995): "Foreign listing location: A study of MNCs and stock exchanges in eight countries". Journal of International Business Studies, Vol. 26(2), pp. 319-341.
  • Saudagaran, S.M. and Biddle, G.C. (1992): "Financial Disclosure Levels and Foreign Stock Exchange Listing Decisions". Journal of International Financial Management and Accounting, Vol. 4(2), pp. 106-148.
  • Schipper, K. (2005): "The Introduction of International Accounting Standards in Europe: Implications for International convergence". European Accounting Review, Vol. 14(1), pp. 101-126.
  • Schipper, K. (2003): "Principles-Based Accounting Standards. Commentary". Accounting Horizons, Vol. 17(1), pp. 61-72.
  • Street, D.L. and Larson, R.K. (2004): "Large accounting firms survey reveals emergence of "Two-Standard" system in the European Union". Advances in International Accounting, Vol. 17, pp. 1-29.
  • Street, D.L. and Gray, S.J. (2002): "Factors Influencing the extent of corporate compliance with International Accounting Standards: Summary of a Research Monograph". Journal of International Accounting, Auditing & Taxation, 11, pp. 51-76.
  • Street, D.L. and Bryant, S.M. (2000): "Disclosure Level and Compliance with IASs: A Comparison of Companies With and Without U.S. Listings and Filings". The International Journal of Accounting, Vol. 35(3), pp. 305-329.
  • Sucher, P. and Jindrichovska, I. (2004): "Implementing IFRS: A Case Study of the Czech Republic". Accounting in Europe, Vol. 1, pp. 109-141.
  • Van Tendeloo, B. and Vanstraelen, A. (2005): "Earnings Management under German GAAP versus IFRS". European Accounting Review, Vol. 14(1), pp. 155-180.
  • Vellam, I. (2004): "Implementing of International Accounting Standards in Poland: Can True Convergence be Achieved in Practice?". Accounting in Europe, Vol. 1, pp. 143-167.
  • Wallace, R.S.O., Naser, K. and Mora, A. (1994): "The Relationship between the Comprehensiveness of Corporate Annual Reports and Firm-Characteristics in Spain". Accounting and Business Research, 25(97), pp. 41-53.
  • Watts, R.L. and Zimmerman, J.L. (1990): "Positive Accounting Theory: A Ten Year Perspective". The Accounting Review, Vol. 65(1), pp. 131-156.
  • Watts, R.L. and Zimmerman, J.L. (1978): "Towards a Positive Theory of the Determination of Accounting Standards". The Accounting Review, Vol. 53(1), pp. 112-134.
  • Whittington, G. (2005): "The Adoption of International Accounting Standards in the European Union". European Accounting Review, Vol. 14(1), pp. 127-153.
  • Zeff, S. (1998): "The coming confrontation on international accounting standards". Irish Accounting Review, Vol. 5, pp. 89-117.
Fuente de los datos: Dialnet