Abstract
Malaysia is on the track to achieve full convergence and adoption of the International
 Financial Reporting Standards (IFRSs) by 2012. This study seeks to find out the extent
 of compliance with IFRS 101 ‘P
 resentation of Financial Statements’ before the effective
 date. Using total disclosure index (TDI), the findings shows that most of Malaysian Ace
 Market companies have complied with IFRS 101. The present study also indicates that
 the Cumulative Market Adju
 sted Return (CMAR) is positive and significant for both
 partial and full compliance of IFRS 101 among the Malaysian Ace Market companies.
 Multivariate regression analysis further provides a lack of significant association
 between CMAR and announcement of e
 arnings (i.e. EPS). Nevertheless, the percentage
 of independent directors on the board (BDIND) is found to be a positive and a significant
 corporate governance variable that associates with CMAR. These findings imply that
 policy makers and regulators shoul
 d encourage Ace Market companies to have the
 most optimal number of independent board of directors for future improvements of
 CMAR
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