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"INTERNATIONAL STANDARDS"
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The power of standards : hybrid authority and the globalisation of services
\"Standards often remain unseen, yet they play a fundamental part in the organisation of contemporary capitalism and society at large. What form of power do they epitomise? Why have they become so prominent? Are they set to be as important for the globalisation of services as for manufactured goods? Graz draws on international political economy and cognate fields to present strong theoretical arguments, compelling research and surprising evidence on the role of standards in the global expansion of services, with in-depth studies of their institutional environment and cases including the insurance industry and business process outsourcing in India. The power of standards resembles a form of transnational hybrid authority, in which ambiguity should be seen as a generic attribute, defining not only the status of public and private actors involved in standardisation and regulation, but also the scope of issues concerned and the space in which such authority is recognised when complying to standards. This book is also available as Open Access\"-- Provided by publisher.
Book
Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital?
This study examines whether the mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union (EU) in 2005 reduces the cost of equity capital. Using a sample of 6,456 firm-year observations of 1,084 EU firms during the 1995 to 2006 period, I find evidence that, on average, the IFRS mandate significantly reduces the cost of equity for mandatory adopters by 47 basis points. I also find that this reduction is present only in countries with strong legal enforcement, and that increased disclosure and enhanced information comparability are two mechanisms behind the cost of equity reduction. Taken together, these findings suggest that while mandatory IFRS adoption significantly lowers firms' cost of equity, the effects depend on the strength of the countries' legal enforcement.
Journal Article
Financial Reporting and Global Capital Markets
This book presents a detailed and scholarly historical study of the International Accounting Standards Committee (IASC), which prepared the way for the International Accounting Standards Board (IASB). The IASB holds the dominant influence over the financial reporting of thousands of listed companies in the European Union as well as in many other countries.
eBook
International Accounting Standards and Accounting Quality
We examine whether application of International Accounting Standards (IAS) is associated with higher accounting quality. The application of IAS reflects combined effects of features of the financial reporting system, including standards, their interpretation, enforcement, and litigation. We find that firms applying IAS from 21 countries generally evidence less earnings management, more timely loss recognition, and more value relevance of accounting amounts than do matched sample firms applying non-U.S. domestic standards. Differences in accounting quality between the two groups of firms in the period before the IAS firms adopt IAS do not account for the postadoption differences. Firms applying IAS generally evidence an improvement in accounting quality between the pre- and postadoption periods. Although we cannot be sure our findings are attributable to the change in the financial reporting system rather than to changes in firms' incentives and the economic environment, we include research design features to mitigate effects of both.
Journal Article
Are We There Yet? Impact of the First International Standard for Cytomegalovirus DNA on the Harmonization of Results Reported on Plasma Samples
Background. Interassay harmonization of cytomegalovirus (CMV) DNA measurement is important for infection management. Uncertainty exists regarding the result harmonization achievable in patient plasma samples using quantitative polymerase chain reaction (qPCR) assays with calibrators now traceable to the First World Health Organization International Standard (IS) for CMV DNA. Method. Serial dilutions of the IS and a blinded panel of 40 genotypes CMV DNA-positive pooled plasma samples and 10 negative plasma samples were tested by 6 laboratories using 10 qPCR assays calibrated to the IS. Each clinical sample was constructed using plasma from a single unique transplant recipient. Results. The variance for individual CMV DNA-positive samples was greater for clinical samples (median, 1.50 [range, 1.22–2.82] log10 IU/mL) than for IS dilutions (median, 0.94 [range, 0.69–1.35] log10 IU/mL (P < .001); 58.9% of all clinical sample results and 93.6% of IS dilution results fell within ±0.5 log10 IU/mL of the mean viral load of each sample. Result variability was not impacted by either genotype or quantitative levels of CMV DNA. Testing procedure differences can significantly influence results, even when analyte-specific reagents are identical. For clinical samples, all assays demonstrated result bias (P < .008). Assays with amplicon sizes ≤86 bp had significantly higher results compared to assays with larger amplicon sizes (≥105 bp) (P < .001). Conclusions. The variability in CMV DNA results reported on individual samples has been reduced by the IS, but ongoing clinically relevant variability persists, preventing meaningful interassay result comparison.
Journal Article
The impact of the adoption of international accounting and auditing standards on corruption perception
Purpose
This study aims to investigate the impact of the adoption of international accounting and auditing standards on corruption perception. In addition, this study examines the strength of auditing and reporting standards (SARS) that mediate the relationship.
Design/methodology/approach
Agency theory and bonding theory were applied in this paper to investigate the impact of the adoption of international accounting and auditing standards on corruption perception. Data from 130 countries during three years were collected from Transparency International, Worldwide Governance Indicators, International Federation of Accountants, World Economic Forum, World Bank, Freedom House and World Justice Project. Hypotheses were tested using partial least squares structural equation modeling.
Findings
The results show a positive impact of the adoption of international accounting and auditing standards on corruption perception, directly and indirectly, through the SARS.
Practical implications
The results provide an insight into corruption eradication strategy through the adoption of international accounting and auditing standards and strengthen the auditing and reporting standards.
Originality/value
This study is distinctive, as no study has yet examined the impact of the adoption of international accounting standards construct, which contains International Financial Reporting Standards and International Standards on Auditing, on the corruption perception. The corruption perception construct is developed by combining the corruption perception index and the control of corruption indicators.
Journal Article
International Financial Reporting Standards (IFRS): pros and cons for investors
Accounting in shaped by economic and political forces. It follows that increased worldwide integration of both markets and politics (driven by reductions in communications and information processing costs) makes increased integration of financial reporting standards and practice almost inevitable. But most market and political forces will remain local for the foreseeable future, so it is unclear how much convergence in actual financial reporting practice will (or should) occur. Furthermore, there is little settled theory or evidence on which to build an assessment of the advantages and disadvantages of uniform accounting rules within a country, let alone internationally. The pros and cons of IFRS therefore are somewhat conjectural, the unbridled enthusiasm of allegedly altruistic proponents notwithstanding. On the 'pro' side of the ledger, I conclude that extraordinary success has been achieved in developing a comprehensive set of 'high quality' IFRS standards, in persuading almost 100 countries to adopt them, and in obtaining convergence in standards with important non-adopters (notably, the US). On the 'con' side. I envisage problems with the current fascination of the IASB (and the FASB) with 'fair value accounting'. A deeper concern is that there inevitably will be substantial differences among countries in implementation of IFRS, which now risk being concealed by a veneer of uniformity. The notion that uniform standards alone will produce uniform financial reporting seems naive. In addition, I express several longer run concerns. Time will tell.
Journal Article
Financial market consequences of early adoption of international standards on auditing: international evidence
Purpose
This paper aims to investigate the effects of the early adoption of International Standards on Auditing (ISAs) on Financial Market Indicators (FMIs) from a diffusion of innovation (DOI) theory perspective.
Design/methodology/approach
Using panel data from 110 countries in a period that spans from 1995 to 2014, this study applies an ordinary least squares regression model to investigate the financial consequences of adopting ISAs. This analysis was supplemented with estimating a fixed-effects and two-stage least squares regression models to address any concerns regarding the possible existence of endogeneity problems.
Findings
This study reports three key findings. First, the authors find that early ISAs adoption has a negative effect on several financial market consequences, namely stock market integration, market capitalisation, market turnover, market return, market development, stock price volatility and stock trading volume. Second, using an alternative measure to the one that is proposed by DOI theory, the authors found that some financial indicators have been significantly improved after ISAs adoption, but only for listed firms that prepared their financial statements under International Financial Reporting Standards and audited by ISAs simultaneously. Finally, the financialindicators of European stock markets, however, have insignificantly shrank post the mandatory adoption of ISAs in 2006.
Practical implications
The empirical evidence raises questions about how ISAs were enforced and implemented. For example, countries that adopted ISAs at early stages may have been dominated mostly by recently established stock exchanges. This implies a crucial need to determine and apply the best type of auditing regime that can increase investors trust and enhance the credibility of stock markets information, which might ultimately advance the FMIs over time significantly.
Originality/value
To-date, studies investigating the impact of the adoption of ISAs on FMI from a DOI theory perspective are virtually non-existent. The study, therefore, seeks to contribute to the extant literature by examining the influence of ISAs adoption on a wide range of FMIs.
Journal Article