Disclosure of the impacts of adopting Australian equivalents of International Financial Reporting Standards

Philip D. Palmer

Accounting and Finance, 2008, vol. 48, issue 5, pages 847-870

Abstract: This study investigates two disclosure variables ("Extent" and "Quality") in relation to compliance with paragraph 4.1 (b) of AASB 1047 "Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards". Using a sample of 150 Australian listed firms, I find that the extent and quality of disclosure is influenced by firm size, leverage and auditor firm size, with the latter variable being the most significant. In general, the results suggest that many companies might have relied on sample disclosures provided by their auditors, perhaps limiting both quality and intent. Additionally, the ultimate usefulness of broad and imprecise standards might be questionable. Smaller companies might also require more guidance and assistance with their preparation for the adoption. Copyright (c) 2008 The Authors. Journal compilation (c) 2008 AFAANZ.

Date: 2008

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