A Study of the Adoption and Implementation of International Financial Reporting Standards in the Two EU Countries of Denmark and Ireland and New Zealand, a Non EU Country

Claus Holm (), Finn Schøler, Henrik Lønne and Michael Maingot ()
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Claus Holm: Department of Business Studies, Aarhus School of Business, Postal: The Aarhus School of Business, Fuglesangs Allé 4, 8210 Aarhus V, Denmark, http://www.asb.dk/staff.aspx?pid=11002
Finn Schøler: Department of Business Studies, Aarhus School of Business, Postal: The Aarhus School of Business, Fuglesangs Allé 4, 8210 Aarhus V, Denmark
Henrik Lønne: Department of Business Studies, Aarhus School of Business, Postal: The Aarhus School of Business, Fuglesangs Allé 4, 8210 Aarhus V, Denmark
Michael Maingot: Telfer School of Management, Postal: University of Ottawa, 55 Laurier East, Ottawa, Ontario, K1N 6N5, Canada

No A-2009-01, Accounting Research Center Working Papers from University of Aarhus, Aarhus School of Business, Department of Business Studies

Abstract: The International Accounting Standards Board has as its mission the development of a singlet set of high quality standards to be applied consistently by companies globally. The purpose of this paper is to examine the implementation process to integrate IFRS in the smaller and developed countries of Denmark, Ireland and New Zealand. The paper examines the enablers for successful IFRS implementation, namely, Legislative changes, Accounting profession, Stock exchanges, Enforcement, Early adopters in 2004, and Adopters in 2005. An examination of the top 30 companies’ annual reports for the three countries was made to test for voluntary compliance of IFRS in 2004 and mandatory compliance in 2005. The results show that Denmark is the only country with early adopters in 2004. All 30 Danish companies complied in 2005, with 24 in Ireland, and 9 in New Zealand.

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Pages: 37 pages
Date: 2009-09-01
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