Abstract
The objective of this paper is to provide evidence on IFRS compliance by Canadian companies. The Canadian Accounting Standards Board (AcSB) required the use of IFRS for publicly accountable enterprises (other than pension plans) beginning on January 1, 2011. Specifically, the authors analyze the determinants of IFRS disclosure compliance for these companies. Canada provides a good setting for their research, because they measure the compliance in the first year of IFRS adoption when some of the companies are still allowed to use U.S. GAAP or local GAAP. They measure compliance by using an updated version of the instrument used in Hodgdon et al. (2009). The authors' results show that firm size, foreign sales proportion, and U.S. listing are positively associated with the IFRS compliance while the leverage ratio is negatively associated with the IFRS compliance of the sample firms. These results confirm the premise that firms with better information environment and better monitoring tend to comply well with the newly adopted accounting information.
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