The purpose of this paper is to compare the cyclical behavior of various credit impairment accounting regimes, namely IAS 39, IFRS 9 and US GAAP. We model the impact of credit impairments on the Profit and Loss (P&L) account under all three regimes. Our results suggest that although IFRS 9 is...

GAAP earnings often contain transitory items that can distort firms' investment decisions when a manager cares about his firm's stock price. Non-GAAP earnings can alleviate investment distortions because they allow the manager to remove transitory items. In addition to removing transitory items,...

This paper examines the changes in earnings quality of registered ADRs as a result of switching accounting standards. We aim to shed light on the potential impact of IFRS adoption on US firms. A suboptimal approach to achieve this goal is through examination of US firms' surrogates such as ADRs....

We examine the subsidiary- and group-level determinants of IFRS adoption by unlisted UK firms. Many unlisted firms are part of large conglomerate groups. For these firms, decisions about reporting practices are expected to be made at the group-level. Consistent with this hypothesis, we find that...

By adopting a political economy perspective to accounting, this paper provides an overall post-implementation assessment of International Financial Reporting Standards (IFRS) adoption relative to the European Union's (EU's) fundamental goal of sustainable development. The paper questions the...

We regard accounting regulation as a politico-economic institution and analyze its evolution in the presence of changing investor sentiment. When the market sentiment is moderate, if most of the business projects in the economy are successful, the economy will enter a stable high-disclosure...

In 2018, the Bank's lending signatures amounted to EUR 55.6 billion. Contents: - Highlights 2018 - Preface - EIB Statutory Bodies - Audit and control - EIB statements and audit report - EIB Group statements and audit report