Primera Adopción de IFRS

En esta sección se presentan diversos estudios relacionados con los múltiples temas que se desprenden de NIIF 1 (IFRS 1) “Primera Adopción de Normas Internacionales de Información Financiera”, documento emitido por el International Accounting Standards Board (IASB). La presentación de los estudios se estructura en dos categorías. La primera comprende trabajos realizados por Observatorio IFRS, mientras que la segunda categoría se centra en proporcionar bibliografía de interés.

 

Normas Internacionales de Contabilidad e Información Financiera e Interpretaciones que regulan esta área de información:
 
IFRS 1: Adopción por primera vez de las Normas Internacionales de Información Financiera
 








Estudios realizados por Observatorio IFRS:


CÓDIGO: OPA - 001

Jara, L., Contreras, H. y Castro B. (2010): "Adopción de IFRS en empresas chilenas del sector eléctrico que cotizan en bolsa". Revista Internacional Legis de Contabilidad y Auditoría. Volumen 42, pp. 131-163.

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Abstract

La adopción de las Normas Internacionales de Información Financiera (IFRS, por sus siglas en inglés) ha generado múltiples estudios. Se observa que en la mayoría de los países en los que se han aplicado, se generaron significativos cambios en las valoraciones patrimoniales. A través de una muestra de 18 empresas chilenas cotizadas del sector eléctrico, se obtuvo resultados similares a los hallazgos internacionales, donde se evidencia que las IFRS más representativas de dichas variaciones se relacionan con las NIC 16 y 39.

 


CÓDIGO: OPA - 002

Jara, L., Contreras, H. (2010). "Adopción de IFRS en empresas chilenas. Énfasis en los efectos cuantitativos sobre la información financiera". Capic Review, Volumen 8, pp. 13-24.

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Abstract

La adopción de las Normas Internacionales de Información Financiera (IFRS por su sigla en inglés) ha generado múltiples estudios, analizando algunos la transición contable desde un enfoque cualitativo, mientras que otros utilizando una óptica cuantitativa. La evidencia empírica demuestra que en la mayoría de los países donde se han aplicado las IFRS por mandato, se han generado significativos cambios en las partidas contables de las empresas afectadas. A través del análisis de las empresas chilenas que comenzaron a aplicar IFRS a partir del 01 de enero de 2009 y el 01 de Enero de 2010 (206 empresas en total), se obtienen resultados similares a los hallazgos internacionales, más específicamente a los europeos, donde las normas internacionales más representativas de los cambios en las cifras contables se identifican con NIC 16 y NIC 39, siendo la primera la que explica mayoritariamente estas variaciones.  Por otro lado, se determina que  existe una propensión al alza en el patrimonio neto medido bajo IFRS y se encuentra evidencia de que estas variaciones son significativas para las empresas cuyo año de transición fue el 2009.


 


CÓDIGO: OPA - 003

Jara, L., Torres, L. (2009). "Una aproximación al impacto de la "IFRS" en la valoración contable de las empresas cotizadas chilenas". Trend Management, Edición especial Mayo, pp. 60-66.

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Abstract

Para las entidades cotizadas la incorporación de las Normas Internacionales de Contabilidad e Información Financiera (IFRS por su sigla en inglés) en Chile se ha caracterizado por ser un proceso paulatino, donde la Superintendencia de Valores y Seguros (SVS) ha establecido una implementación en etapas que considera la presencia bursátil y la existencia de un Comité de Auditoría como variables representativas. Sólo parte del universo de empresas obligadas a aplicar IFRS durante el 2009, han remitido información cuantitativa de carácter pública. Lo anterior en virtud de la modalidad que cada entidad ha seleccionado para el proceso de convergencia a IFRS. El trabajo describe las empresas sujetas a análisis de impacto y efectúa, antes de proceder al estudio cuantitativo, una revisión de las consecuencias de carácter no contable que la nueva normativa origina en las empresas. Los impactos contables se contextualizan en tres conceptos básicos: (1) Cambio en moneda de registro contable; (2) Implementación de una nueva batería de Estados Financieros y notas explicativas; y (3) Aplicación de nuevos criterios de valoración y clasificación de los componentes de los Estados Financieros. Finalmente se resumen los impactos preliminares de una forma agregada, para luego realizar un análisis a través de los principales sectores económicos involucrados.

 


Referencias bibliográficas de interés:


CÓDIGO: BPA - 001

Callao, S., Jarne, J. y Laínez, J. (2007). "Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting". Journal of International Accounting, Auditing and Taxation". Volumen 16, pp. 148-178.

Abstract

EU Regulation 1606/2002 requires application of International Financial Reporting Standards (IFRS) bygroups listed on European stock markets. In Spain, listed groups are now obliged to prepare consolidatedfinancial information under IFRS, and legislative changes to bring local rules into line with internationalstandards have been tabled.

In this context, the potential impact of IFRS is fraught with uncertainty. Our study of IBEX-35 companiesfocuses on the effects of the new standards on comparability and the relevance of financial reporting in Spain.We address these objectives by seeking significant differences between accounting figures and financial ratiosunder the two sets of standards (i.e. Spanish accounting standards and IFRS).

The results obtained showthat local comparability hasworsened. The study reveals that local comparabilityis adversely affected if both IFRS and local accounting standards are applied in the same country at the sametime. Reforms to bring local rules into line with international standards are therefore urgent. We also findthat there has been no improvement in the relevance of financial reporting to local stock market operatorsbecause the gap between book and market values is wider when IFRS are applied. While there has been nogain in terms of the usefulness of financial reporting in the short-term, improved usefulness may be achievedin the medium to long-term.

Disponible en: 

www.sciencedirect.com/science/article/pii/S1061951807000213

 


CÓDIGO BPA - 002

Callao, S., Ferrer, C., Jarne, J. y Laínez, J. (2010). "IFRS adoption in Spain and the United Kingdom: Effects on accounting numbers and relevance". Advances in Accounting, incorporating Advances in International Accounting. Volumen 26, pp. 304–313.

Abstract

This paper examines the quantitative impact of mandatory IFRS adoption on financial reporting issued by first-time adopters. It analyses whether relevance of financial information is higher under IFRS than the information provided in financial statements prepared under local GAAP when investors have to make decisions in the capital markets. Both studies compare results in Spain and in the United Kingdom, whose accounting systems have been traditionally considered in opposite groups. The results of the research reveal that the quantitative impact is significant in both countries and, against what we expected, it is higher in the United Kingdom. We also observe that IFRS have negative effect on the relevance of financial reporting in both countries, although this effect has only been significant in Spain.

Disponible en:

http://www.sciencedirect.com/science/article/pii/S0882611010000374

           


CÓDIGO BPA - 003

Christensen, H., Lee, E. y Walker, M. (2007). "Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in the UK". The International Journal of Accounting. Volumen 42, pp. 341–379

Abstract

This study examines the economic consequences for UK firms of the  European Union's decisión to impose mandatory IFRS. We hypothesize that the impact varies across firms and is conditional on the perceived benefit. We estimate a counter-factual proxy for a UK firm's willingness to adopt IFRS from the prior GAAP choices of German firms. We show that this proxy predicts cross-sectional variations in both the short-run market reactions and the long-run changes in cost of equity that are associated with the decision. This implies that mandatory IFRS adoption does not benefit all firms in a uniform way but results in relative winners and losers.

Disponible en:

http://www.sciencedirect.com/science/article/pii/S0020706307000805

 


CÓDIGO BPA - 004

Cordazzo, M. (2009). The impact of IAS/IFRS on accounting practices: evidences from italian listed companies. Working paper.

Abstract

The European Commission has required the adoption of IAS/IFRS in order to harmonize financial reporting standards for European listed companies as of 1 January 2005. Converting to IAS/IFRS has represented much more than a change in accounting rules, and firms’ main concern has been to understand the extent to which accounting differences between national GAAP and IAS/IFRS could affect their reported performance. The purpose of the paper is to address this concern by providing empirical evidence of the nature and the size of the differences between Italian GAAP and IAS/IFRS. The total and individual differences between Italian accounting principles and IAS/IFRS are identified in the reconciliations of net income and shareholders’ equity of Italian listed companies in order to show the major impacts of the conversion to IAS/IFRS. The findings indicate a more relevant total impact of such a transition on net income than shareholders’ equity. The individual adjustments show a more significant discrepancy between the two set of standards in the accounting treatment of business combination, provisions, financial instruments and intangible assets with reference to both net income and shareholders’ equity; while the individual accounting differences in income taxes, and property, plant, and equipment show a significant difference only on shareholders’ equity.

Disponible en:

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1504862

 


CÓDIGO BPA - 005

Jermakowicz, E. and Tomaszewski, G. (2006). "Implementing IFRS from the perspective of EU publicly traded companies". Journal of International Accounting, Auditing and Taxation. Volumen 15, pp. 170–196.

Abstract

This study examines implementation of International Financial Reporting Standards (IFRS) by European Union (EU) companies. All listed EU companies are required to prepare their consolidated financial statements in accordance with IFRS for years beginning on or after January 1, 2005 Regulation (EC) 1606/2002). The paper provides insight into the IFRS adoption process based on a questionnaire sent to EU-listed companies in 2004. The 112 responses received indicate: (1) a majority of respondents have adopted IFRS for more than just consolidation purposes; (2) the process is costly, complex, and burdensome; (3) companies do not expect to lower their cost of capital by implementing IFRS; (4) the more comprehensive the approach to conversion, the more respondents tend to agree with the benefits and costs of the transition; (5) companies expect increased volatility in financial results; (6) the complexity of IFRS as well as the lack of implementation guidance and uniform interpretation are key challenges in convergence; and (7) a majority of respondents would not adopt IFRS if not required by the EU Regulation. The results of our questionnaire were confirmed by several personal interviews with finance and accounting executives of EU publicly traded companies.

Disponible en:

http://www.sciencedirect.com/science/article/pii/S1061951806000267

 


CÓDIGO BPA - 006

Jermakowicz, E. (2004). "IFRS from the perspective of EU publicly traded companies". Accounting in Europe. Volumen 1, Issue 1, pp. 51–70.

Abstract

This study examines the adoption of International Financial Reporting Standards (IFRS) by BEL-20 companies in Belgium. The research analyses the application of IFRS in the consolidated financial statements of Belgian publicly traded companies. In Belgium, as in several other continental European countries, a close link exists between accounting and taxation. The study provides insight into IFRS implementation problems based on a survey sent to BEL-20 companies. The survey focused on the impact that IFRS conversion has on companies, their internal organization and accounting and finance strategy. The benefits and challenges of the adoption of IFRS are analysed, as well as the level of understanding and experience with IFRS, perception of the quality of IFRS, and the impact of adoption of IFRS on consolidated equity and net income. Principal differences between IFRS and Belgian generally accepted accounting principles (GAAP), having a major impact on the conversion to IFRS, are identified. This study should be important not only to the European Union (EU) countries but to countries which will join the EU in the future, and to other countries worldwide that are adopting IFRS.

Disponible en:

http://www.tandfonline.com/doi/abs/10.1080/0963818042000270811

 


CÓDIGO BPA - 007

Larson, R. and Street, D. (2004). "Convergence with IFRS in an expanding Europe: progress and obstacles identified by large accounting firms’ survey". Journal of International Accounting, Auditing and Taxation. Volumen 13, pp. 89–119

Abstract

The International Accounting Standards Board (IASB) acquired greater legitimacy and stature when the European Union (EU) decided to require all listed companies to prepare consolidated accounts based on International Financial Reporting Standards (IFRS) beginning in 2005. This study examines the progress and perceived impediments to convergence in 17 European countries directly affected by the EU’s decision. These include: (1) the 10 new EU member countries, (2) EU candidate countries, (3) European Economic Area (EEA) countries, and (4) Switzerland. We utilize data collected by the six largest international accounting firms during their 2002 convergence survey. Additionally, we analyze subsequent events and studies. While all surveyed countries will either require or effectively allow listed companies to prepare consolidated financial statements in accordance with IFRS by 2005, few are expected to require IFRS for non-listed companies. This suggests the development of a “two-standard” system. The two most significant impediments to convergence identified by the survey appear to be the complicated nature of particular IFRS (including financial instruments) and the tax-orientation of many national accounting systems. Other barriers to convergence include underdeveloped national capital markets, insufficient guidance on first-time application of IFRS, and limited experience with certain types of transactions (e.g. pensions).

Disponible en:

http://www.sciencedirect.com/science/article/pii/S1061951804000163