ABSTRACT

This study investigates the effect of mandatory adoption of International Financial Reporting Standards (IFRS) on the value relevance of accounting information in Argentina, which originated via the regulation that required all public non-financial companies to change the accounting standards, for fiscal periods starting in January 2012. As with most value-relevance studies, this research employs the Ohlson Model to examine the empirical association between equity prices and two main accounting variables: Net Earnings (representing the Income Statement) and the Book Value of Equity (representing the Balance Sheet). Panel data for 40 companies over a period of 23 years, from quarterly financial reports published by the Buenos Aires Stock Exchange (BCBA), are examined. The reported results suggest that mandatory adoption of IFRS in Argentina does not improve the value relevance of any of the tested variables. On the contrary, after the switch in accounting standards, the accounting numbers present a weaker association with the stock price.

摘要

这项研究调查了强制性采用国际财务报告准则（IFRS）对阿根廷会计信息的价值相关性的影响，这源于一项法规，该法规要求所有上市非金融公司都必须更改会计标准，始于2006年2012年1月。与大多数与价值相关的研究一样，该研究使用Ohlson模型来检验股票价格与两个主要会计变量之间的经验关联：净收益（代表收益表）和权益账面价值（代表资产负债表） ）。根据布宜诺斯艾利斯证券交易所（BCBA）发布的季度财务报告，对40家公司在过去23年中的面板数据进行了检查。报告结果表明阿根廷确实采用了国际财务报告准则不能改善任何测试变量的值相关性。相反，在会计准则变更后，会计数字与股票价格之间的关联性较弱。