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International Accounting and Finance - Essay Example

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The Impact of Adopting International Accounting Standards on Capital Markets and Financial Statements Users The Impact of Adopting International Accounting Standards on Capital Markets and Financial Statements Users Introduction Apart from the fact that the trend of globalisation has been triggered during the last few decades, different countries still consider it appropriate to follow their national standards for financial reporting…
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International Accounting and Finance
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International Accounting and Finance

Notwithstanding the concerns and prejudices, there has been noted an increasing trend towards adoption of international accounting standards as a preferred financial reporting framework. Among the concerns stated by the stakeholders to adopting international accounting standards, many are related to the impact of adopting them on capital markets operations and efficiency and on the users of financial statements. The International Financial Reporting Standards are different from the national standards developed by countries for financial reporting within their respective jurisdictions. These differences result in significant shifts in their financial reporting practices for business entities, when they decide on their own or due to mandatory requirements to adopt International Financial Reporting Standards as their financial reporting framework. Due to the differences in the respective requirements of different financial reporting frameworks, there are varying impacts of each on capital markets and users of financial information. ...
Impact of Adopting International Accounting Standards on Capital Markets The impact of adopting international accounting standards as a financial reporting framework can be determined by understanding the impact of adopting the international accounting standards on the efficiency of capital markets. Keeping in view the significant difference in reporting requirements under International Financial Reporting Standards and other national accounting standards, such as U.S. GAAP or other accounting frameworks, a general expectation can be developed that with the adopting of International Financial Reporting Standards, there will be a significant impact on the efficiency of capital markets. Researchers have investigated whether the impact caused by adopting International Financial Reporting Standards on efficiency in capital markets is positive or negative. Some researchers have noted that the impact of adoption of International Financial Reporting Standards on market can be measured through variations in the market liquidity and the cost of capital for business entities. In this regard, Daske et al (2008) have noted that with the adoption of international accounting standards, market liquidity is influenced positively, that is it increases. Similarly, another major finding of their research work is that by adopting international accounting standards the cost of capital for firms are decreased, whereas the value of their equity increases (Daske et al., 2008). Daske et al. (2011) have also noted that those firms which are committed to provide highly transparent financial reporting and thus adopt International Financial Reporting Standards as their financial reporting framework, such firms experience a significant improvement in their respective ... Read More
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