The impact of mandatory IFRS adoption on financial analysts’ earnings forecasts in Spain

IF 0.9 4区管理学 Q3 BUSINESS, FINANCE

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad Pub Date : 2014-04-03 DOI:10.1080/02102412.2014.911587

Pascual Garrido-Miralles, Sonia Sanabria-García

引用次数: 14

Abstract

This study contributes to investigation into the benefits of mandatory adoption of International Financial Reporting Standards (IFRS) in regard to Spanish GAAP for analysts’ earnings forecasts. In a sample of listed Spanish firms, we find that mandatory IFRS adoption led to improvements in the quality of the information provided to financial analysts in the post-adoption period. We provide evidence that the benefits of IFRS take time to materialise. We also observe that the expected benefits and costs of IFRS adoption in relation to financial analysts’ forecasts were not randomly distributed among Spanish firms. In terms of analysts’ earnings forecast error and dispersion after implementation of IFRS, benefits are concentrated mainly in firms audited by the Big 4 audit firms.

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强制性采用国际财务报告准则对西班牙金融分析师盈利预测的影响

本研究有助于调查强制采用国际财务报告准则(IFRS)对分析师收益预测的西班牙公认会计准则的好处。在西班牙上市公司的样本中，我们发现强制性采用国际财务报告准则导致在采用后期间向财务分析师提供的信息质量得到改善。我们提供的证据表明，国际财务报告准则的好处需要时间才能实现。我们还观察到，采用国际财务报告准则的预期收益和成本与财务分析师的预测并不是随机分布在西班牙公司之间的。在实施国际财务报告准则后分析师的收益预测误差和分散性方面，收益主要集中在四大审计事务所审计的事务所。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad BUSINESS, FINANCE-

CiteScore

2.10

自引率

10.00%

发文量

期刊介绍： The Spanish Journal of Finance and Accounting ( SJFA) is a quarterly academic journal founded in 1972. It aims to publish high quality research papers in accounting and finance. The scope of SJFA covers theoretical and empirical analysis relating to financial markets and institutions, corporate finance, market microstructure, corporate governance, internal and management accounting and a wide spectrum of financial performance and financial reporting, including auditing and public accounting. The Journal welcomes both theoretical and empirical contributions, and in particular, theoretical papers that yield novel testable implications and empirical papers that are theoretically well motivated. The journal is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. All manuscripts that meet these editorial guidelines are blind reviewed by external reviewers. SJFA sponsors a periodic conference in which selected papers under review are presented and discussed by additional reviewers in order to increase the quality of the papers published in the journal. If accepted for publication, these selected articles are published in the Journal with a special distinction. The Journal welcomes replies and discussions to both published and forthcoming articles. These contributions, if accepted by the editors, may eventually be published jointly with a reply or comment by the authors of the original paper.