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The comparability of international accounting standards and US GAAP: an empirical study of Form 20-F reconciliations

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  • Jose Luis Ucieda Blanco
  • Beatriz Garcia Osma

Abstract

This paper studies the comparability between US GAAP and International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) by looking at the Form 20-F reconciliation adjustments to US GAAP made by firms using IASs in the period from 1995 to 2001. Adjustments have been classified in categories to identify the characteristics of reported differences: frequency, significance and materiality. Previous research by Street et al. and by Adams et al. found evidence that the differences were both material and significant. We identify the areas that are frequently reconciled and that produce material adjustments. Overall, we conclude that, although material differences still exist, IASs and US GAAP seem to be converging.

Suggested Citation

  • Jose Luis Ucieda Blanco & Beatriz Garcia Osma, 2004. "The comparability of international accounting standards and US GAAP: an empirical study of Form 20-F reconciliations," International Journal of Accounting, Auditing and Performance Evaluation, Inderscience Enterprises Ltd, vol. 1(1), pages 5-36.
    • Handle: RePEc:ids:ijaape:v:1:y:2004:i:1:p:5-36
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    Citations

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    Cited by:

    1. Ioannis Tsalavoutas & Lisa Evans, 2010. "Transition to IFRS in Greece: financial statement effects and auditor size," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(8), pages 814-842, September.
    2. Michael Dobler & Nina Günther, 2008. "Stand der de facto-Konvergenz von IFRS und US-GAAP — Eine empirische Analyse der Überleitungsrechnungen nach Form 20-F von Unternehmen aus der Europäischen Union," Schmalenbach Journal of Business Research, Springer, vol. 60(8), pages 809-845, December.
    3. Grossman, Amanda M. & Smith, L. Murphy & Tervo, Wayne, 2013. "Measuring the impact of international reporting standards on market performance of publicly traded companies," Advances in accounting, Elsevier, vol. 29(2), pages 343-349.
    4. Haiyan Zhou & Stephen Owusu-Ansah, 2014. "Cross listing, disclosure regimes, and trading volume sensitivity to stock returns," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 38(3), pages 383-406, July.
    5. Bailey, Warren & Andrew Karolyi, G. & Salva, Carolina, 2006. "The economic consequences of increased disclosure: Evidence from international cross-listings," Journal of Financial Economics, Elsevier, vol. 81(1), pages 175-213, July.
    6. O. A. Sanyaolu & F. O. Iyoha & Stephen A. Ojeka, 2017. "International Financial Reporting Standards Adoption and Earnings of Quoted Banks in Nigeria," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 279-284.
    7. Hlaciuc Elena & Mihalciuc Camelia Catalina & Cibotariu Irina Stefana & Apetri Anisoara Niculina, 2009. "Some Issues About The Transition From U.S. Generally Accepted Accounting Principles (Gaap) To International Financial Reporting Standards (Ifrs)," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-28.
    8. Vieru, Markku & Schadewitz, Hannu, 2010. "Impact of IFRS transition on audit and non-audit fees: evidence from small and medium-sized listed companies in Finland," MPRA Paper 44664, University Library of Munich, Germany.

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