Widespread adoption of International Financial Reporting Standards (IFRS) is expected to improve accounting quality. IFRS is issued by the International Accounting Standards Board (IASB), but the IASB has no power to enforce the standards. Many are concerned that without adequate enforcement...

This study provides some market based evidence on the usefulness of comprehensive income disclosures in a Statement of Changes in Equity (SCE). In particular, we focus on two 'dirty surplus' items - fixed asset revaluations and foreign currency translation adjustments - that are excluded from...