Does Ifrs Improve the Usefulness of Accounting Information in a Code-Law Country?

This study investigates whether IFRS (International Financial Reporting Standards) improves the usefulness of accounting information in a chosen code-law country (i.e. Finland) that has a strong system of legal enforcement and high quality domestic accounting standards. Empirical analyses based on three surveys, run by financial analysts, managers and auditors, support the hypothesis that new information provided by IFRS is relevant. Even though the results show that managers and auditors deem information prepared under many IFRS/IAS-standards reliable, the results show that they are, overall, neutral towards the reliability of information prepared by using judgment under IFRS