“International Financial Reporting Standards (IFRS). Did They Succeed to Decrease Falsified Financial Statements and Improve Auditors’ Quality? Financial Evidence from Australia, Germany, Greece and the UK”


  • Sotirios Rouvolis Public Servant, Agiou Serafeim, Karditsa 43100, Greece.


IFRS, old GAAP, Earnings Management, Falsified Statements, Auditors, Fraud Auditing


This project relates to the creative accounting practices that seem to exist even after the official adoption of International Financial Reporting Standards (IFRS) in 2005. IFRS is a set of unique, high-quality standards that aim to increase the transparency and comparability of information in firms’ financial statements. However, there are indications that, under certain circumstances, firms have used earnings management to gain competitive advantage. Earnings management, or the deliberate misstatement of earnings figures, is a form of fraud. It is an important issue because firms that use such techniques disorientate investors and market participants, and increase market imbalances. Many studies have focused on the connection between earnings management and IFRS, provoking three core questions. Would it have been better for countries to apply their own national GAAP? Do earnings management decrease after IFRS? What are the motives behind earnings management? Extending these questions, the study aims to analyse if falsified statements have been declined after IFRS, to examine the extent that individual standards impact on earnings management, and to specify the role of auditors against earnings management. It involves quantitative analysis of secondary numerical data, for the years 2004-2009 focusing on the Australian, German, Greek, and UK stock markets. The findings reveal that IFRS has not succeeded in eliminating falsified statements entirely, but it proves that IFRS managed to improve the quality of smaller auditors. Overall, this study contributes to theory by exploring additional tools and motives for earnings management. It is thus of interest to both academics and market professionals.


Byard, D., Li, Y. and Yu, Y., (2011), “The effect of mandatory IFRS adoption on financial analysts’ information environment”, Journal of Accounting Research 49, pp. 69-96.

Frankel, R. and Li, X., (2004), “Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders”, Journal of Accounting and Economics, 37(2), pp. 229-259.

Bushman, R. and Piotroski, J., (2006), “Financial reporting incentives for conservative accounting: The influence of legal and political institutions”, Journal of Accounting and Economics

Sun, K., (2006), “Financial reporting quality, capital allocation efficiency, and financing structure: an international study”, Working Paper, University of Hawaii at Manoa.

Walton, P., (2004), “IAS 39: where different accounting models collide”, Accounting in Europe, S1, pp. 5-16.

Soderstrom, S. and Sun, K., (2007), “IFRS Adoption and Accounting Quality: A Review”, European Accounting Review, Vol. 16, Iss. 4, pp. 675-702.

Leuz, C., Nanda, D. and Wysocki, P., (2003), “Earnings Management and Investor Protection: An International Comparison” Journal of Financial Economics 69: pp. 505-527.

Ali, A. and Hwang, L., (2000), “Country-specific factors related to financial reporting and the value relevance of accounting data” Journal of Accounting Research 38 (1), pp.1-21.

Audit and Accounting (CGAA) (2003) Final Report to the Secretary for Trade and Industry and the Chancellor of the Exchequer Available at:http://webarchive.nationalarchives.gov.uk/20060214214419/ http://www.dti.gov.uk/cld/cgaai-final.pdf.

Jiraporn, P., Kim, Y. and Mathur, I., (2008), “Does corporate diversification exacerbate or mitigate earnings management? An empirical analysis”, International Review of Financial Analysis, 17(5), pp. 1087-1109.

Healy, P. and Wahlen, J., (1999), “A review of the earnings management literature and its implications for standard setting”, Accounting Horizons, 13, pp. 365-383.

Elliot, R.K., and Willingham, J.J. (1980), “Management fraud: detection and deterrence”, New York: Petro celli Books.

Schipper, K., (1989), “Earnings management”, Accounting Horizons, 3(4), pp. 91-102.

Mulford, C. W. and Comiskey, E. E., (2002), “The Financial Numbers Game, Detecting Creative Accounting Practices” Canada: John Wiley and Sons. Inc.

Weibenberger, B. Stahl, A. and Vorstius, S. (2004), Changing from German GAAP to IFRS or US GAAP: A Survey of German Companies, Accounting in Europe, vol.1: 169-189.

Brüggemann, U., Hitz, J. and Sellhorn, T., (2013), “Intended and Unintended Consequences of Mandatory IFRS Adoption: A Review of Extant Evidence and Suggestions for Future Research”, European Accounting Review, 22(1): pp. 1-37.

Sucher, P. and Alexander, D., (2002), “IAS: Issues of Country, Sector and Audit Firm Compliance in Emerging Economies”, London: Centre for Business Performance of the Institute of Chartered Accountants in England and Wales.

Aisbitt S., (2006), “Assessing the Effect of the Transition to IFRS on Equity: The Case of the FTSE 100”, Accounting in Europe, Vol.3, pp. 117-133.

Christensen, H.B., Lee, E., and Walker, M., (2008), “Incentives or Standards: What Determines Accounting Quality Changes Around IFRS Adoption?” Financial Accounting and Reporting Section (FARS) Paper, the American Accounting Association.

Horton J. and Serafeim G., (2006), “Market response to and the value relevance of reconciliation adjustments from UK GAAP to IFRS GAAP: first evidence from the UK”, available at http://ssrn.com/abstract=923582.

Callao, S., Jarne, J. I., and Lainez, J. A., (2007), “Adoption of lFRS in Spain: Effect on the comparability and relevance of financial reporting”, Journal of International Accounting, Auditing and Taxation, 16(2): pp.148-178.

De Jong, A., Rosellón, C., Miguel, A. and Verwijmeren, P., (2006), “The economic consequences of IFRS: the impact of IAS 32 on preference shares in the Netherlands”, Working Paper, Erasmus Research Institute of Management.

Cordazzo, M., (2008), “The impact of IAS/IFRS on accounting practices: evidences from Italian listed companies”, Congress of European Accounting Association, Rotterdam.

Cordeiro R., Couto G. and Silva F., (2007), “Measuring the Impact of International Financial Reporting Standards (IFRS) in Firm Reporting: The Case of Portugal”, working paper, University of the Azores.

Leuz, C., (2010), “Different approaches to corporate reporting regulation: How jurisdictions differ and why”, Accounting and Business Research, 40(3): pp. 229-256.

Nobes, C., (2008), “Accounting Classification in the IFRS Era”, Australian Accounting Review, 18(3): pp. 191-198.

Sellhorn, T. and Gornik-Tomaszewski, S., (2006), “Implications of the ‘IASregulation’ for research into the international differences in accountingsystems”, Accounting in Europe, vol. 3, no. 1: pp.187-217.

O’Connell V. and Sullivan K., (2008), “The Impact of Mandatory Conversion to IFRS on the Net Income of FTSEurofirst 80 Firms”, The Journal of Applied Research in Accounting and Finance, Vol. 3, pp. 17-26.

Ferrer, C., Callao, S., Jarne, J. I., Laínez, J. A.. (2008), “The impact of IFRS on the European financial reporting”, working paper presented at the 31st annual congress of European Accounting Association, Rotterdam.

Daske, H., Hail, L., Leuz, C. and Verdi., R. S., (2008), “Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences”, Journal of Accounting Research 46, pp. 1085-1423.

Jackson, H. E., and Roe, M. J., (2009), “Public and private enforcement of securities laws: Resource based evidence”, Harvard Law School.

Horton, J., Serafeim, G. and Serafeim, I., (2013), “Does Mandatory IFRS Adoption Improve the Information Environment”, Contemp. Account. Res. 30(1), pp. 388-423.

Christensen, H., B., Hail, L. and Leuz, C., (2013), “Mandatory IFRS reporting and change in enforcement”. Journal of Accounting and Economics, 56, 147-177.

Guay, W. and Verrecchia, R., (2007), “Conservative Disclosure”, Working Paper, University of Pennsylvania.

Armstrong, C., Barth E. M. and Jagolinzer, A., (2007), “Market reaction to the Adoption of IFRS in Europe” Working paper, Stanford University.

De Franco, G. S., Kothari, P., and Rodrigo S. V. (2011). “The benefits of financial statement comparability”, Journal of Accounting Research, 49(4): pp. 895-931.

Daske, H., Hail, L., Leuz, C. and Verdi, R. S., (2007), “Adopting a label: heterogeneity in the economic consequences of IFRS adoptions”, Working Paper, University of Pennsylvania and University of Chicago.

Hail, L., Leuz, C. and Wysocki, P., (2010), “Global accounting convergence and the potential adoption of IFRS 42 by the US (Part I): Conceptual underpinnings and economic analysis”, Account. Horiz. 24(3), pp. 355-394.

Basilico, E., and Johnsen, T., (2011) “Evidence on the Cross Country Variations in the Mispricing of Accruals Surrounding the Introduction of IFRS in Europe” Available at SSRN: https://ssrn.com/abstract=1918586.

Nobes, C., (2006), “The survival of international differences under IFRS: towards aresearch agenda”, Accounting and Business Research, Vol. 36, No. 3, pp. 233- 245.

Nobes, C., (2010), “On researching into the use of IFRS by private entities in Europe”, Accounting in Europe, 7(2), pp. 213–226.

Burgstahler, D., Hail, L., and Leuz, C., (2006), “The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms”, The Accounting Review, 81, pp. 983.

Berger, A., (2010), “The development and status of enforcement in the European Union”, Accounting in Europe, 7(1): pp.15-35.

Nobes, C. W., (1993), “The origins of the harmonising provisions of the 1980 and 1981 Companies Acts”, Accounting and Business Research, 24(93), pp. 43-53.

Megginson, W., (1997), “Corporate Finance Theory”, Addison-Wesley Educational Publishers Inc.

Broomwich, M., (1992), “Financial Reporting, information and Capital Markets”, London, Pitman Publishing.

Damodaran, A., (1997), “Corporate Finance. Theory and Practice”, John Wiley and Sons, Inc.

Pascual, G., León, A. and Zorio, A. (2002) “Measurement of formal harmonization progress: The IASC experience”, The International Journal of Accounting, 37, pp. 1-26.

Christensen, H., Hail L., and Leuz C., (2011), “Capital-market effects of securities regulation: hysteresis, implementation, and enforcement”, Working paper, University of Chicago and University of Pennsylvania.

Ball, R., Robin, A. and Wu, J., (2003), “Incentives Versus Standards: Properties of Accounting Income In four East Asian Countries” Journal of accountings and Economics, 36 (1-3): pp. 235-270.

Ball, R., (2006), “International financial reporting standards (IFRS): pros and cons for investors”, Accounting and Business Research International Accounting Policy Forum, pp. 5-27.

Hellman, N., (2008), “Accounting conservatism under IFRS”, Accounting in Europe, 5 (1-2), pp. 71-100.

Feleaga, L., Dragomir, V. and Feleaga, N., (2010), “National Accounting Culture and the Recognition of Provisions: An Application of the Prudence Principle”, Crises et nouvelles problematiques de la Valeur, Nice, France.

Delvaille, P., Ebbers, G. and Saccon, C., (2005), “International Financial Reporting Convergence: Evidence from Three Continental European Countries”, Accounting in Europe, 2, pp. 137-164.

Ballas, A.A., Hevas, D. and Neil, D., (1998)., “The state of accounting and the state of the state”, Journal of Management and Governance, Vol. 2, No.3, pp. 267-285.

Karampinis, N. and Hevas, D. L., (2011), “Mandating IFRS in an unfavorable environment: The Greek experience”, The International Journal of Accounting, Vol. 46, pp. 304-332.

Papadatos, K. and Bellas A., (2011), “The value relevance of accounting information under Greek and International Financial Reporting Standards: the influence of firm specific characteristics”, International Research Journal of Finance and Economics, 76, pp. 6-23.

Negakis, C., I., (2013), “The Explanatory Power of Earnings for Stock Returns in the pre-and post-IFRS Era: Some Evidence from Greece”, Managerial Finance, 39(9), 2-2.

Iatridis, G., (2010), “IFRS Adoption and Financial Statement Effects: The UK Case”, International Research Journal of Finance and Economics, Vol. 38, pp. 165-172.

Tsoligkas, F. and Tsalavoutas, I., (2011), “Value relevance of R & D in the U.K. after IFRS mandatory Implementation”, Applied Financial Economics, 21, p. 959.

Dobija, D. and Klimczak, K. M., (2010), “Development of accounting in Poland: Market efficiency and the value relevance of reported earnings”, The International Journal ofAccounting,45(3), pp. 356-374.

Beuselinck, C., Joos, P., Khurana, I. K., Van der Meulen, S., (2010), “Mandatory Adoption of IFRS and Analysts’ Forecasts Information Properties”, Tilburg University, Center for Economic Research in its series Discussion Paper with number 2010-112.

Lang, M., Maffett, M., and Owens, E., (2010), “Earnings comovement and accounting comparability: The effects of mandatory IFRS adoption”, Working paper, University of North Carolina.

DeFond, M., and Park, C., (2001), “The reversal of abnormal accruals and the market valuation of earnings surprises”, Accounting Revue 76 (3), pp. 375-404.

Preiato, J.P., Brown, P. R. and Tarca, A., (2013) “Mandatory Adoption of IFRS and Analysts’ Forecasts: How Much Does Enforcement Matter?”, UNSW Australian School of Business Research Paper No. 2009 ACCT 0.

Li, S., (2010), “Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital ? ”, Accounting Review, 85(2), pp. 607-636.

Capkun V., D. Collins, and Jeanjean T., (2011), “Does IAS/IFRS adoption Deter Earnings Management”, working paper, SSRN.

Houqe, N. Van Zijl, T. Dunstan, K. and Karim, W., (2012), “The Effect of IFRS Adoption and Investor Protection on Earnings Quality Around the World”, The International Journal of Accounting, 47: pp. 333-355.

Doupnik, T. and Perera, H., (2009), “International Accounting”, 2nd ed., McGraw-Hill International.

Barth, M., Landsman, W., Lang, M. and Williams, C., (2012), “Are IFRS-based and US GAAP-based Accounting Amounts Comparable?” Journal of Accounting and Economics, 54 (1): pp. 68-93

Chua, Y., Cheong, C., Gould, G., (2012), “The impact of mandatory IFRS adoption on accounting quality: evidence from Australia”, J. Int. Account. Res. 11 (1), pp. 119-146.

Ahmed, A. A., Neel M., and Wang D., (2013), “Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence”, Contemporary Accounting Research, Vol. 30, Issue 4, pp. 1344.

Jeanjean, T., and Stolowy, H., (2008), “Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption”, Journal of Accounting and Public Policy, 19, 6, 27, pp. 480-494.

Djankov, S., LaPorta, R., Lopez-de-Silanes, F., and Shleifer, A., (2008), “The law and economics of self-dealing”, Journal of Financial Economics, 88, pp. 430-465.

Ding, Y., Hope O. K., Jeanjean T., and. Stolowy H., (2007), “Differences between domestic accounting standards and IAS: Measurement, determinants and implications”, Journal of Accounting and Public Policy 26 (1): pp. 1-38.

Isidro, H., Nanda, D. and Wysocki, P., (2015), “What Matters in International Accounting Quality Research?”, Working paper, University of Miami.

Cascino, S., and Gassen, J., (2015), “What drives the comparability effect of mandatory IFRS adoption?” Review of Accounting Studies, 20 (1). pp. 242-282. ISSN 1380-6653.

Shan, Y., (2015), “Value relevance, earnings management and corporate governance in China”, Emerg. Markets Rev. 23, 186-207.

Ernstberger, J., Stich, M. and Vogler, O., (2012), “Economic Consequences of Accounting Enforcement Reforms: The Case of Germany”, European Accounting Review, vol. 21, no. 2, pp. 217-251.

Goldman, E. and Slezak, S. L., (2006), “An equilibrium model of incentive contracts in the presence of information manipulation”, Journal of Financial Economics, 80, pp. 603-626.

Platikanova, P. and Nobes, C., (2000), “Was the Introduction of IFRS in Europe Value-Relevant?”, Working Paper, University Pompeu Fabra and University of Reading.

Orszag, J. M. and Choudhary M. A., (2005), “Are Performance Conditions on Executive Options Driven by Fundamentals?” Watson Wyatt Technical Paper, No. 2005-6.

Voulgaris F., Agiomirgianakis, G., Papadogonas Th., (2014), “Job creation and job destruction in economic crisis at firm level; the case of Greek manufacturing sectors”, Journal of International Economics and Economic Policy, Vol. 12, No. 1, pp. 21-39.

Graham, J., Harvey, C., and Rajgopal, S., (2005), “The economic implications of corporate financial reporting”, Journal of Accounting and Economics, 40(1-3), pp. 3-73.

Bergstresser, D. and Philippon, T., (2006), “CEO incentives and earnings management”, Journal of Financial Economics, 80(3): pp. 511-529.

Lin, H., and Paananen, M., (2006), “The effect of financial systems on earnings management among firms reporting under IFRS”, Business School Working Papers UHBS 2006-2.

Rees, L., and Sivaramakrishnan, K., (2007), “The effect of meeting or beating revenueforecasts on the association between quarterly returns and earnings forecast errors”, Contemporary Accounting Research, 24, pp. 259-290.

De Fond M., and Jiambalvo, J., (1994), “Debt covenant violation and manipulation of accruals”, Journal of Accounting and Economics 17: pp. 145-176.

Becker, C. L., DeFond, M. L., Jiambalvo, J. and Subramanyam, K. R., (1998), “The effect of audit quality on earnings management”, Contemporary Accounting Research, 15(1), pp. 1-24.

Francis, J. R., Maydew E. L. and Sparks H. C., (1999), “The role of Big Six Auditors in the credible reporting of Accruals”, Auditing: A Journal of practice and Theory, Vol. 18, pp. 17-34.

Gore, P., Pope, P. F. and Singh, A. K., (2001), “Non-audit services, auditor independence and earnings management”, Working Paper, Lancaster University.

Francis, J. and Wang, D., (2007), “The joint effect of investor protection and Big 4 audits on earnings quality around the world”, Contemporary Accounting Research.

Ball, R., Li, X. and Shivakumar, L., (2015), “Contractibility and transparency of financial statement information prepared under IFRS: Evidence from debt contracts around IFRS adoption” Journal of Accounting Research, 53(5), pp. 915-963.

Abad, C., Laffarga, J., Garcia-Borbolla, A., Larran, M., Pinero, J. and Garrod, N., (2000), “An evaluation of the value-relevance of consolidated versus unconsolidated accounting information: evidence from quoted Spanish firms”, Journal of International Financial Management and Accounting, 11(3), pp.156–77.

Nobes, C., and Schwencke, H.R., (2006), “Modelling the links between tax and financial reporting: A longitudinal examination of Norway over 30 years up to IFRS adoption”, European Accounting Review, 15:1, pp. 63-87.

Bartov, E., Givoly, D. and Hayn, C., (2002), “The rewards to meeting or beating earnings expectations”, Journal of Accounting and Economics, 33, pp.173-204.

La Porta, R., Lopez-de-Silanes, F., and Shleifer,A., (2006), “What works in securities laws?” Journal of Finance 61, pp. 1-32.

Spathis, C., (2002), “Detecting False Financial Statements Using Published Data: Some evidence from Greece”, Managerial Auditing Journal, 17(4), pp. 179-191.

Dalnial, H., Kamaluddin, A., Sanusi, Z. M. and Khairuddin, K. S., (2014), “Detecting Fraudulent Financial Reporting through Financial Statements Analysis”, Journal of Advance Management Science Vol. 2, No. 1: pp. 17-22.

Altman, E.I., (1968), “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy”, Journal of Finance. 23 (4): 189–209.

Renders, A. and Gaeremynck, A., (2007), “The impact of legal and voluntary investor protection of the early adoption of international financial reporting standards (IFRS)” De Economist 155: pp. 49-72, No 1.

Jermakowicz, E. and Gornik-Tomaszewski, S., (2006), “Implementing IFRS from the perspective of EU publicly traded companies” Journal of International Accounting 15, pp. 170-196.

Jones, J., (1991), “Earnings management during import relief investigations” Journal of Accounting Research, 29, pp. 193-228.

Bartov, E., Gul, F., and Tsui, J., (2001), “Discretionary accruals models and audit qualifications”, Journal of Accounting and Economics, 30, pp. 421-452

Kothari, S., Leone, A. and Wasley, C., (2004), “Performance matched discretionary accrual measures”, Journal of Accounting and Economics, 39, pp.163–197.

Liang, J. and Bentler, P. M, (2004), “An EM Algorithm for Fitting Two-Level Structural Equation Model”, Phychometrika 69(1): pp. 101-122.

Longford, N. T. and Muthen, B., (1992), “Factor analysis for clustered observations”, Phychometrika 57: pp. 581-597.

Yuan, K.-H., and Bentler, P. M., (2007), “Multilevel Covariance Structure Analysis by Fitting Multiple Single-Level Models”, Sociological Methodology Vol. 37.

Raudenbush, S. W. and Bryk, A. S., (2002), “Hierarchical Linear Models Applications and Data Analysis Methods”, Sage Publications, Inc, 2nd Edition.

Garson, G. D., (2013), “Factor Analysis”, Statistical Associates Publishers.

Laird, N. M, and Ware, J. H., (1982), “Random-effects models for longitudinal data”, Biometrics, 38(4): pp. 963-974.

Upton, G. and Cook, I., (2014), “A Dictionary of Statistics”, Oxford University Press 3rd Edition.

Twisk J.W.R., (2006), “Applied Multilevel Analysis: A Practical Guide for Medical Researchers”, Cambridge University Press.

Tsalavoutas, I. and Evans, L., (2007), “Comparing International Financial ReportingStandards (IFRSs) and Greek GAAP: Financial Statements Effects”, Workshop on Accounting in Europe, France: working paper.

Gray, S. J., (1980), “The Impact of International Accounting Differences from a Security-Analysis Perspective: Some European Evidence”, Journal of Accounting Research Spring Vol. 18, No. 1, pp. 64-76.

DeAngelo, L., (1981), “Auditor Size and Audit Quality, Journal of Accounting and Economics”, Vol. 3, pp. 183-199.

Burgstahler, D., Hail, L. and Leuz, C., (2004), “The Importance of Reporting Incentives: Earnings Management in European Private and Public Firms”, Financial Institutions Center.

Kwan, S. H., (2003), “Operating performance of banks among Asian economies: An international and time series comparison”, Journal of Banking and Finance, 27, pp. 471-489.

Stenheim, T., and Madsen, D., (2017), “The shift of accounting models and accounting quality: The case of Norwegian GAAP”, Corporate Ownership and Control, 14(4-1), pp. 289-300.

Gjerde, O., Knivsflå, K. H., and Sættem, F., (2008), “The value-relevance of adopting IFRS: Evidence from 145 NGAAP restatements”, SSRN eLibrary.

Tukey, J. W., (1977), “Exploratory data analysis”, Addison-Wesley Publishing Company Reading.

Pallant, J., (2005), “SPSS Survival manual: a step by step guide to data analysis using SPSS version 12”, Berkshire: Open University Press.

Adams, C.A., Weetman, P., Jones, E. A. E. and Gray, S. J., (1999), “Reducing the burden of US GAAP reconciliations by foreign companies listed in the United States: the key question of materiality”, European Accounting Review, 8(1): pp. 1-22.

Argyrous, G., (2006), “Statistics for research with a guide to SPSS”, 2nd Edition, London: SAGE Publications.

Levene, H., (1960), “Robust testes for equality of variances. In Contributions to Probability and Statistics”, I. Olkin, ed., Stanford University Press, Palo Alto, CA.

Pindyck, R. and Rubinfeld, D., (1981), “Econometric models and economic forecasts McGraw-Hill, New York.

Wichers, C.R., (1975), “The Detection of Multicollinearity: A Comment”, The Review of Economics and Statistics, 1975, vol. 57, issue 3, 366-68.

Bayaga, A., (2010), “Multinomial logistic regression: Usage and application in risk Analysis” Journal of Applied Quantitative Methods, 5(2), pp. 288-297.

El-Habil, A., M., (2012), “An application on multinomial logistic regression”, Pakistan Journal of Statistics and Operation Research, 8(2), 271-291.

Perramon, J. and Amat, O., (2006), “IFRS Introduction and its Effect on Listed Companies in Spain”, available at SSRN: http://ssrn.com/abstract=1002516.

Leventis, S., Weetman, P. and Caramanis, V. C., (2005), “Determinants of audit report lag: some evidence from the Athens Stock Exchange”, International Journal of Auditing, 9: pp. 45-58.

Leventis, S. and Caramanis, V. C., (2005), “Determinants of audit time as a proxy of audit quality”, Managerial Auditing Journal, 20(5): pp. 460-478.

Nobes, C., (2005), “The survival of international differences under IFRS: towards a research agenda”, Working Paper, University of Reading.

Ramanna, K. and Sletten, E., (2014), “Network effects in countries’ adoption of IFRS”, The Accounting Review, In-Press.




How to Cite

Sotirios Rouvolis. (2022). “International Financial Reporting Standards (IFRS). Did They Succeed to Decrease Falsified Financial Statements and Improve Auditors’ Quality? Financial Evidence from Australia, Germany, Greece and the UK”. American Scientific Research Journal for Engineering, Technology, and Sciences, 89(1), 73–123. Retrieved from https://asrjetsjournal.org/index.php/American_Scientific_Journal/article/view/7672