Article
English, Spanish, French, Portuguese
ID: <
oai:doaj.org/article:1d27c96a63f14833a049f1967f2b34d0>
·
DOI: <
10.15446/innovar.v25n55.47198>
Abstract
International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and US-GAAP, are today the global benchmark for convergence towards a global standard. IFRS are mainly used in capital markets, although they lack a superstructure to ensure a high-quality accounting system. The European Union, in its new proposal for an Audit Regulation for Public Interest Entities (PIE), gives a strong role to stock supervisors as controllers of the proper application of these standards in the preparation of financial statements. Against this background, the aim of this work is to compare the work of the Spanish stock exchange supervisor in this regard, during the years 2005-2010. We first look at the degree of non-compliance detected in IFRS and, secondly, we contrast the possible influence of different corporate governance attributes and some corporate magnitudes on the warnings received by Spanish listed companies by the Comisión Nacional del Mercado de Valores (CNMV).