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The qualitative characteristics of financial information, and managers’ accounting decisions: evidence from IFRS policy changes / Christopher W. Nobesab & Christian Stadlerc.
// Accounting and Business Research. Volume 45, N5, 2015. London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : Routledge, Taylor & Francis , 2015.pages 572-601. This is the first empirical study that uses publicly available data to provide direct evidence about the role of the qualitative characteristics (QCs) of financial information in managements’ accounting decisions. Based on 40,895 hand-collected IFRS (International Financial Reporting Standards) policy choices on 16 topics made by 514 large firms of 10 jurisdictions in the period 2005–2011, we identify 204 reasons for policy changes. The majority of these refer to QCs from the conceptual framework of the standard-setter, in particular to relevance, faithful representation, comparability and understandability. Firms also frequently refer to transparency, which is not directly mentioned in the framework. Furthermore, we analyse the circumstances under which firms explain their policy changes in terms of improved quality. We hypothesise and find that QCs are more often referred to if the change relates to measurement (i.e. to a more important accounting policy decision). We also find that references to QCs are positively associated both with firm size and with a measure of a jurisdiction s transparency. This complements previous research by providing evidence that managers are, at the least, alert to QCs.
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Will the changes proposed to the conceptual framework s definitions and recognition criteria provide a better basis for IASB standard setting? / Arjan Brouwera, Martin Hoogendoornb & Ewout Naarding.
// Accounting and Business Research. Volume 45, N5, 2015. London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : Routledge, Taylor & Francis , 2015.pages 547-571. In this paper we evaluate the International Accounting Standards Board s (IASB) efforts, in a discussion paper (DP) of 2013, to develop a new conceptual framework (CF) in the light of its stated ambition to establish a robust and consistent basis for future standard setting, thereby guiding standard setting decisions in complex and controversial areas. We investigate the impact of the definitions and recognition criteria for assets and liabilities in the existing CF and the DP. We conclude that, in areas where standards have diverged from the CF in the past, that is, not consistently applying probability thresholds, the DP supports the existing standards by removing those thresholds. Furthermore, the DP includes the more judgemental criteria of relevance and faithful representation to determine whether an item should be recognised as an asset or liability. This would justify those existing standards which currently do not recognise items that meet the (current and revised) definitions of asset or liability. Altogether, we conclude that the development of IFRSs will continue to be the outcome of professional debate, negotiation, consensus seeking and political influence. We therefore recommend that additional measures should be taken by the IASB to ensure coherence in the development and application of standards after implementation of a new CF.
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