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Financial Reporting under IAS/IFRS

Theoretical Background and Capital Market Evidence – A European Perspective

Vera Palea

This book provides the theoretical background and analyses capital market research related to the IAS/IFRS adoption in Europe, which is one of the most important and controversial events in the history of accounting. It adopts both an investor and a firm perspective and therefore investigates the effects of adopting IAS/IFRS on the decision-usefulness of financial reporting for investors as well as on the firms’ cost of capital. The book also focuses on fair value accounting, which is widely controversial.
All these issues are of considerable interest for standard setters and policy makers, whose primary aims are in fact to provide investors with useful information for their decision-making process and to allow firms to have access to a more efficient and cost-effective capital market.


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Appendices 159


159 Appendices Appendix 1 Current use of IAS/IFRS in the countries of G20 Country Status for listed companies as of December 2011 Argentina Required for fiscal years beginning on or after 1 January 2012 Australia Required for all private sector reporting entities and as the basis for public sector reporting since 2005 Brazil Required for consolidated financial statements of banks and listed com- panies from 31 December 2010 and for individual company accounts progressively since January 2008 Canada Required from 1 January 2011 for all listed entities and permitted for private sector entities including not-for-profit organisations China Substantially converged national standards European Union All member states of the EU are required to use IFRS as adopted by the EU for listed companies since 2005 France Required via EU adoption and implementation process since 2005 Germany Required via EU adoption and implementation process since 2005 India India is converging with IFRS at a date to be confirmed. Indonesia Convergence process ongoing; a decision about a target date for full com- pliance with IFRS is expected to be made in 2012 Italy Required via EU adoption and implementation process since 2005 Japan Permitted from 2010 for a number of international companies; decision about mandatory adoption by 2016 expected around 2012 Mexico Required from 2012 Republic of Korea Required from 2011 Russia Required from 2012 Saudi Arabia Required for banking and insurance companies; full convergence with IFRS currently under consideration South Africa Required for listed entities since 2005 Turkey Required for listed entities...

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