165424 20260108143204.0 doi 10.1016/j.intaccaudtax.2007.06.002 sideral 106746 ART-2007-106746 eng Callao Gastón, Susana Universidad de Zaragoza (orcid)0000-0003-1298-7183 Adoption of IFRS inSpain: effect on the comparability and relevance of financial reporting 2007 EU Regulation 1606/2002 requires application of International Financial Reporting Standards (IFRS) by groups listed on European stock markets. In Spain, listed groups are now obliged to prepare consolidated financial information under IFRS, and legislative changes to bring local rules into line with international standards have been tabled. In this context, the potential impact of IFRS is fraught with uncertainty. Our study of IBEX-35 companies focuses on the effects of the new standards on comparability and the relevance of financial reporting in Spain. We address these objectives by seeking significant differences between accounting figures and financial ratios under the two sets of standards (i.e. Spanish accounting standards and IFRS). The results obtained show that local comparability has worsened. The study reveals that local comparability is adversely affected if both IFRS and local accounting standards are applied in the same country at the same time. Reforms to bring local rules into line with international standards are therefore urgent. We also find that there has been no improvement in the relevance of financial reporting to local stock market operators because the gap between book and market values is wider when IFRS are applied. While there has been no gain in terms of the usefulness of financial reporting in the short-term, improved usefulness may be achieved in the medium to long-term. info:eu-repo/semantics/closedAccess All rights reserved http://www.europeana.eu/rights/rr-f/ info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Jarne Jarne, José Ignacio Universidad de Zaragoza (orcid)0000-0003-0334-192X Laínez Gadea, José Antonio Universidad de Zaragoza (orcid)0000-0003-3649-9125 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 16, 2 (2007), 148-178 J. int. account. audit. tax. The journal of international accounting, auditing and taxation 1061-9518 335459 http://zaguan.unizar.es/record/165424/files/texto_completo.pdf Versión publicada 942951 http://zaguan.unizar.es/record/165424/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:165424 articulos driver 2026-01-08-14:10:23 ARTICLE