Zugl.: Köln, Univ., Habil.-Schr., 2001.

Master-Arbeit Univ. St. Gallen, 2008.

This study explores how the Egyptian socioeconomic factors impacted the implementation of International Accounting Standards (IASs) in Egypt. Prior research concluded that developing nations have special needs when it comes to accounting and financial reporting and recommended nation-specific analysis. The author adapts Gray's (1988) model, which connects Hofstede's cultural dimensions with accounting practice, to fit the Egyptian environment.

Background: Growth in international trade and capital flows has triggered a rising economic integration. Because of these developments there has been an international homogenising effect upon many customs, practices and institutions. In business life it led among other things to a desire to harmonise Accounting Standards among countries. Purpose: Our purpose is to answer the question: What is the international harmonisation process of Accounting Standards, what is its status quo and how important is the International Accounting Standard Board (IASB) in it? Realisation: In order to fulfil this purpose, we have chosen a descriptive approach, which is based on secondary data from textbooks, articles and homepages. Result: The international harmonisation of Accounting Standards is a process, which brings international Accounting Standards into some sort of agreement, in order to achieve a common set of principles, according to which financial statements from different countries are prepared. With the support of the IASB of the European Union (EU), 7000 European companies have to use International Accounting Standards (IAS) beginning 2005. Furthermore, the long existing rejection of IAS of the U.S. seems to change. Co-ordination of agendas of both standard-setting boards (IASB and Financial Accounting Standard Board (FASB) have been announced. We conclude, that the IASB plays a major role in the field of international harmonisation. This could be explained with achievements of the IASB, as for example the International Organisation of Security Commissions (IOSCO) Endorsement, EU regulation or the recent agreement of FASB and IASB to co-ordinate their work.

<p>Background: Growth in international trade and capital flows has triggered a rising economic integration. Because of these developments there has been an international homogenising effect upon many customs, practices and institutions. In business life it led among other things to a desire to harmonise Accounting Standards among countries. </p><p>Purpose: Our purpose is to answer the question: What is the international harmonisation process of Accounting Standards, what is its status quo and how important is the International Accounting Standard Board (IASB) in it? </p><p>Realisation: In order to fulfil this purpose, we have chosen a descriptive approach, which is based on secondary data from textbooks, articles and homepages. </p><p>Result: The international harmonisation of Accounting Standards is a process, which brings international Accounting Standards into some sort of agreement, in order to achieve a common set of principles, according to which financial statements from different countries are prepared. With the support of the IASB of the European Union (EU), 7000 European companies have to use International Accounting Standards (IAS) beginning 2005. Furthermore, the long existing rejection of IAS of the U.S. seems to change. Co-ordination of agendas of both standard-setting boards (IASB and Financial Accounting Standard Board (FASB) have been announced. We conclude, that the IASB plays a major role in the field of international harmonisation. This could be explained with achievements of the IASB, as for example the International Organisation of Security Commissions (IOSCO) Endorsement, EU regulation or the recent agreement of FASB and IASB to co-ordinate their work.</p>

The focus of the study is on financial reporting for non-U.S. firms registered with the Securities Exchange Commission (SEC) but using International Accounting Standards (IAS). This study addresses two issues, (1) whether the comparability of financial reporting among firms using IAS in credit and equity financing jurisdictions increases over time and (2) the associated capital market implications. The motivation for the study is the SEC's ongoing assessment of IAS for possible use by non-U.S. registrants for listing and capital raising in the U.S. Previous research on variations in financial reporting practices has revealed distinctly different types of financial reporting depending on country of origin. Moreover, some research suggests that such differences in financial reporting tend to persist in spite of harmonization efforts of accounting standards. This study suggests that there may be a systematic difference between credit and equity firms' financial reporting that is manifested by the fact that credit firms' adjustments to U.S. GAAP are greater than the adjustments made by equity firms. This systematic difference has had the following capital market consequences for credit firms, (1) a decreasing strength of association between accounting earnings and share prices post-1994, (2) an increased bid-ask spread post-1994, and (3) a decreased trading volume post-1994. This may be an indication that on the average firms reporting under IAS fail to meet an important part of the SEC's second assessment criterion with respect to high quality and full disclosure, namely comparability. In addition, it seems that the revisions made by International Accounting Standards Board (IASB) have not resulted in more congruent financial reporting among firms reporting under IAS over time.

95 Abstract The purpose of this thesis is to analyse the legal regulation of accounting of enterpreneurs in Czech republic, but international aspects are also mentioned, especially the process of harmonisation of accounting in European Union and formation and development of International Accounting Standards and Generally Accepted Accounting Principles. It defines the concept, which is called "accounting law" within the meaning of the set of rules of law governing the methods of bookkeeping and rights and duties of accounting entities. The thesis is composed of introduction, six chapters and conclusion. Each of them deals with diferent aspects of accounting and its regulation. Chapter One defines the historical evolution of accounting. The chapter is subdivided into three parts. Part One describes forming factors of bookkeeping, Part Two focuses on genesis of accounting and Part Three explains the legal regulation in Czech republic from 1918. Chapter Two is subdivided into four parts. Part One explains the concept of accounting, Part Two focuses on its object in the meaning of relevant facts, which has to be recorded in accounting. Part Three enumerates the basic accounting principles and explains its relevance. The theme of Part Four is the position of accounting law in the system of law, so it...

Este estudo investiga a relevância das informações contábeis antes e depois do início do processo de convergência para as normas internacionais de contabilidade no Brasil. Foram analisadas 2.277 observações trimestrais de todas as empresas que compuseram a carteira teórica do Ibovespa durante um período de 15 anos, entre 1995 e 2009. Especificamente, pretendeu-se analisar essa questão sobre três perspectivas distintas. A primeira perspectiva, com um enfoque de curto prazo, analisa a reação do mercado de capitais brasileiro associada à divulgação das demonstrações contábeis em três diferentes momentos: antes, durante e após a transição do padrão contábil brasileiro (BR_GAAP) para o padrão híbrido (BR_GAAP/IFRS). A metodologia utilizada para essa perspectiva foi o estudo de eventos. Adicionalmente, o estudo objetiva tratar as empresas analisadas de maneira heterogênea, conforme sugerido por Holthausen (2003) e Lopes e Walker (2008). Assim sendo, nessa primeira perspectiva ocorre a segmentação da amostra da pesquisa de acordo com alguns sinalizadores que indicam maior propensão das empresas em fornecer informações contábeis de maior qualidade, independentemente do regramento contábil do Brasil. Ou seja, intentou-se relacionar se os incentivos que as empresas têm para serem mais informativas mitiga o impacto da adoção de um padrão contábil de maior qualidade (IFRS). Os resultados encontrados indicam que: as demonstrações contábeis possuem conteúdo informacional, isto é, oferecem novas informações que são incorporadas aos preços; para a amostra de empresas que possuem os incentivos para serem mais informativas (ADR), não foram constatadas diferenças em seu conteúdo informacional antes e depois do início do processo de migração para as normas IFRS; para as empresas da amostra cujas boas práticas de governança corporativa foram mensuradas através do Brazilian Corporate Governance Index (BCGI), os resultados mostraram-se inconclusivos. A segunda perspectiva contemplada na pesquisa volta-se a uma análise de longo prazo entre a associação de variáveis contábeis e variáveis de mercado. Essa análise ocorreu de duas formas distintas, porém complementares. Através da investigação da associação entre as informações contábeis (lucro e patrimônio líquido) e o preço, pretendeu-se identificar se a adoção de um padrão contábil de maior qualidade no Brasil (IFRS), mesmo em se tratando de uma adoção considerada parcial, aumenta o nível de associação entre essas variáveis contábeis e o preço. De modo complementar, também foi analisada a relevância da informação contábil, mas com uma modelagem econométrica diferente. Trata-se do modelo de retorno ou timeliness. Nessa segunda perspectiva, os resultados indicam que a relevância da informação contábil, mensurada através dos modelos de preço e retorno, aumentou após a adoção parcial das normas IFRS no Brasil. Esses resultados foram obtidos por meio de dados anuais e trimestrais. Por fim, a terceira perspectiva inspirou-se na análise da relevância dos números contábeis em um momento específico, que é a divulgação dos ajustes de reconciliação do lucro e do patrimônio líquido nas demonstrações contábeis no período de transição entre o padrão contábil brasileiro e as normas IFRS. Salienta-se que os modelos econométricos para verificar essa associação são similares aos adotados na segunda perspectiva (relevância e timeliness). Nessa perspectiva, as evidências indicam que os ajustes de reconciliação do lucro líquido e do patrimônio líquido são relevantes para o mercado de capitais brasileiro. Isso significa que os mesmos eventos econômicos, quando mensurados por diferentes normas contábeis, alteram as expectativas dos investidores acerca dos lucros futuros da empresa e, por conseguinte, modificam os preços. / This study investigates the value-relevance of accounting information before and after the initial convergence process towards international accounting standards in Brazil. A total of 2,277 quarterly observations of all the companies that composed the theoretical portfolio of Ibovespa during a 15-year period, from 1955 to 2009, have been analyzed. The study aims at analyzing this issue from three different perspectives. The first one has a short-term focus, and analyzes the reaction of the Brazilian capital market to the disclosure of financial statements at three different moments: before, during and after the transition from the Brazilian accounting standard (BR_GAAP) to the hybrid standard (BR_GAAP/IFRS). The methodology used in this perspective is the event study. Additionally, the study aims at approaching the companies analyzed in a heterogeneous way, as suggested by Holthausen (2003) and Lopes & Walker (2008). Thus, in the first perspective, there is a segmentation of the research sample according to some markers signing that companies are more likely to provide higher quality accounting information, regardless the accounting rules in Brazil. The aim was to find out whether incentives the companies have to become more informative smooth the impact of adopting a higher quality accounting standard (IFRS). Results have shown that: financial statements have informational content, i.e. they provide new information that is then incorporated into prices; as to the companies from the sample that count on incentives to be more informative (ADR), no differences have been found in their informational content either before or after the beginning of the process of migration to IFRS norms; as to companies from the sample whose good corporate governance practices were measured through the Brazilian Corporate Governance Index (BCGI), results have been inconclusive. The second perspective has turned to a long-term analysis of the association between accounting variables and market variables. This analysis has been carried out in two different, but complementary manners. Through the investigation of the association between accounting information (earnings and equity) and price, the purpose is to identify whether the adoption of a higher quality accounting standard in Brazil (IFRS), despite being partial, increases the level of association between those accounting variables and price. In a complementary way, the value-relevance of the accounting information has also been analyzed, but with a different econometric model: the return model or timeliness. In the second perspective, the results have shown that the value-relevance of the accounting information, as measured through the return and price models, has increased after the partial adoption of IFRS norms in Brazil. These results have been obtained from annual and quarterly data. Finally, the third perspective has been inspired in the analysis of value-relevance of accounting figures at a specific moment, which is the disclosure of adjustments of equity and earnings reconciliation in financial statements along the period of transition from the Brazilian accounting standard to IFRS. We should highlight that the econometric models to check such association are similar to those adopted in the second perspective (value-relevance and timeliness). In this perspective, evidences have shown that the adjustments of earnings and equity reconciliation are value-relevant to the Brazilian capital market. This means that the same economical events, when measured through different accounting norms, both change investors\' expectations as to the future earnings of a company and, consequently, modify prices.

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