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What accounting standards were the cause of enforcement actions following IFRS adoption?

What accounting standards were the cause of enforcement actions following IFRS adoption? We provide descriptive evidence on enforcement actions (i.e., regulatory enquiries and their outcomes) following the adoption of International Financial Reporting Standards (IFRS) in New Zealand. The most common enquiries made by the Securities Commission of New Zealand post‐IFRS adoption period (2007–2010) relate to IFRS transition, financial statement presentation, financial instrument disclosures and related party disclosures. We conclude that the perspective of public enforcement (securities regulators) differs from that of private enforcement (auditors) and focuses on disclosure issues. We discuss the implications of this result for current International Accounting Standards Board (IASB) issues, such as materiality and professional judgment in principles‐based standards. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Accounting & Finance Wiley

What accounting standards were the cause of enforcement actions following IFRS adoption?

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References (56)

Publisher
Wiley
Copyright
Accounting and Finance © 2021 AFAANZ
ISSN
0810-5391
eISSN
1467-629X
DOI
10.1111/acfi.12661
Publisher site
See Article on Publisher Site

Abstract

We provide descriptive evidence on enforcement actions (i.e., regulatory enquiries and their outcomes) following the adoption of International Financial Reporting Standards (IFRS) in New Zealand. The most common enquiries made by the Securities Commission of New Zealand post‐IFRS adoption period (2007–2010) relate to IFRS transition, financial statement presentation, financial instrument disclosures and related party disclosures. We conclude that the perspective of public enforcement (securities regulators) differs from that of private enforcement (auditors) and focuses on disclosure issues. We discuss the implications of this result for current International Accounting Standards Board (IASB) issues, such as materiality and professional judgment in principles‐based standards.

Journal

Accounting & FinanceWiley

Published: Apr 1, 2021

Keywords: ; ; ; ;

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