Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/219701 
Year of Publication: 
2015
Series/Report no.: 
Institute of Economic Research Working Papers No. 85/2015
Publisher: 
Institute of Economic Research (IER), Toruń
Abstract: 
Along with the economic globalization, the international accounting regulation bodies faced the need to issue internationally accepted global accounting standards. The effect was the issuance and the widespread of the International Financial Reporting Standards (IFRS). At European level, the IFRS gained legitimacy in 2002, when the European Parliament and Council have decided that all European publicly traded entities must prepare their consolidated financial statements in accordance with IFRS starting with January 1st, 2005. The regulation from 2002 on the application of the international standards in EU summarizes the benefits emerging from the adoption and use of IFRS, related to: a high degree of transparency and comparability of financial statements and, as consequence, an efficient functioning capital market. However, the achievement of these expected benefits is based on the assumption that the application of these standards contributes to the increase in the quality of accounting data reported in the financial statements. In this context, our main objective is to summarize, based on the research literature, the economic consequences that emerge from the publication of higher quality accounting data in accordance with IFRS.
Subjects: 
Economic consequences
International Financial Reporting Standards
listed entities
quality of financial information
stakeholders
JEL: 
G14
M41
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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