This paper analyzes the information quality of the current fair value standard in US-GAAP and IFRS in terms of value relevance and faithful representation. The current standard favors reliable market-based inputs over sometimes more relevant entity-specific inputs as it requires preparers to use...

Fair value is a term often used in the world of finance, accounting, and asset valuation, reflecting a rational and fair price that is acceptable between transacting parties in a free and competitive market. It is important to recognize that fair value determination is essential in many aspects...

A growing literature has examined the benefits and costs of implementing new disclosure regulations. However, little is known about the consequences when regulators fail to take action. Using IFRS adoption in 2005 as the setting, we examine the costs of regulatory inactions among non-adopting...

The new lease standard (Accounting Standards Codification [ASC] 842), which is expected to alleviate the reporting issues associated with operating leases, requires formal recognition of related assets and liabilities on the balance sheet. Disregarding the considerable controversy surrounding...

We examine the impact of IFRS reporting flexibility on the presentation of income statements after the adoption of IFRS and whether this affects analysts' forecasts. We find that 44.7 percent (42.02 percent) of first-time IFRS adopters exhibit an average marginal increase (decrease) of 2,584...

We analyse the impact of the adoption of expected credit loss accounting (IFRS 9) on the timeliness and potential procyclicality of banks' loan loss provisioning. We use granular loan-level data from the euro area's credit register and investigate both firm-level credit events and macroeconomic...