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| Author: | Sellhorn, T. Gornik-Tomaszewski, S. |
| Title: | Implications of the 'IAS Regulation' for research into the international differences in accounting systems |
| Journal: | Accounting in Europe
2006 : VOL. 3, p. 187-217 |
| Index terms: | accounting standards regulations accounting systems research international European Union |
| Language: | eng |
| Abstract: | This study provides evidence by examining how developments surrounding the IAS Regulation (1606/2002) influenced international differences in accounting systems (hereafter as: acc-systs.) in the European Union (EU). Proposed is an initial re-classification of acc-systs. based on evidence available to date, i.e. the degree of implementation of the IAS Regulation in the Member States. Consistent with Nobes (1998), it is found that the degree of public accountability to outside investors is becoming the primary differentiator for acc-systs. in Europe, surpassing country-level variables such as legal system and culture. The distinction btw. consolidated and individual financial statements (as: fin-stats.) is the 2nd emerging differentiator. While consolidated accounting is becoming more uniform across countries, cross-country cultural differences are most likely to persist in individual accounting. Based on the analysis, highlighted are 2 important areas of future research beyond the consolidated fin-stats. of listed firms (e.g. Nobes, 2005 and Schipper, 2005): 1. at the country level, the interaction of IFRS and individual fin-stats. will need to be re-assessed etc., 2. at the firm level, future research could analyze the extent to which the determinants and consequences of IFRS adoption, an area well-researched for publicly traded firms (e.g. Cuijpers and Buijink, 2005), generalize to unlisted firms etc. |
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