We study a sample of Continental European firms for changes in the sensitivity of their CEO turnover to their foreign peers' accounting performance around the mandatory adoption of International Financial Reporting Standards (IFRS). We find a post-adoption increase in the use of Relative...

Business Combinations is the first completed joint convergence project of the FASB amp; IASB. The new business combinations standards converge US GAAP and IFRS in all but the calculation of non-controlling interests. Although the accounting community widely acknowledges the benefits of...

The increasing relevance of fair value as measurement adversely to historical cost put on the agenda of the main accounting standard setting bodies the determination of it is value and afterly its register. This has been shown by recent standard's amendments and issues that enable or even demand...

This paper examines issues pertaining to standard setting in an increasingly interconnected world. It is argued that many present day accounting standards are flawed, generally because of inherent compromises welded into their structure, yielding needless complexity and sometimes absurd results....

Governments, organizations and individuals around the world are paying increasing attention to climate change and carbon emissions. This paper argues that a new international assurance standard on carbon emissions disclosures is an appropriate response by the auditing and assurance profession to...

The globalization of capital markets has greatly impacted the harmonization of accounting standards. The International Accounting Standards Committee (IASC) has contributed to the harmonization of accounting standards by issuing the International Accounting Standards (IAS). In 2001, the...

This study hypothesizes and tests whether the degrees to which managers exercise earnings discretion relates to their value system (i.e., culture) as well as the institutional features (i.e., legal environment) of their country. We find that uncertainty avoidance and individualism dimensions of...

In interactive trilateral foreign exchange (FX) exposure, a company's exposures to two foreign currencies depend on the two currencies' FX rate with each other. This study uses scenario analysis to get a better understanding of interactive FX exposure and potential financial hedging solutions. A...

Financial statements do not accurately reflect the impact of foreign exchange movements on a firm's economic value, particularly if foreign currency debt or derivatives are used to hedge long-term economic exposure. To help analysts and investors interpret financial reporting in this area, this...

We examine whether three tax system characteristics – required book-tax conformity, worldwide versus territorial approach, and perceived strength of enforcement – impact corporate tax avoidance across countries after controlling for firm-specific factors previously shown to be associated...