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Many listed companies around the world are required to prepare their consolidated accounts according to International Financial Reporting Standards (IFRS) since fiscal year 2005. Ulf Brüggemann discusses and empirically investigates the economic consequences of this mandatory switch to IFRS. He provides evidence that cross-border investments by individual investors increased following the introduction of IFRS. However, he also finds that uneven implementation of IFRS and its impact on contractual outcomes whose features vary substantially across countries are likely to dampen the benefits of uniform accounting standards. Taken together, his analysis shows that mandatory IFRS reporting has the potential to produce both intended and unintended consequences.

Commerce --- Business & Economics --- Accounting --- Financial statements --- Standards. --- International financial reporting standards. --- IFRS --- Normas Internacionales de Información Financiera --- NIIF --- Mezhdunarodnye standarty finansovoĭ otchetnosti --- Международные стандарты финансовой отчетности --- MSFO --- МСФО --- Business. --- Accounting. --- Bookkeeping. --- Business and Management. --- Accounting/Auditing. --- Accountancy --- Business enterprises --- Commercial accounting --- Finance --- Financial accounting --- Business --- Bookkeeping --- Bookkeeping . --- Double entry bookkeeping --- Business education

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The paper examines the effect of international regulatory harmonization on cross-border labor migration. We analyze directives in the European Union (EU) that harmonized accounting and auditing standards. This regulatory harmonization should make it less costly for those who work in the accounting profession to move across countries. Our research design compares the cross-border migration of accounting professionals relative to tightly-matched other professionals before and after regulatory harmonization. We find that, on average, labor migration in the accounting profession increases relative to comparable professions by roughly 15% after harmonization. The findings illustrate that diversity in rules constitutes an important economic barrier to cross-border labor mobility and, more specifically, that accounting harmonization can have meaningful effect on cross-border migration.

Zonder onderwerpscode: economie