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Thursday 5 September, 2013 16:00 to 16:40 |
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Paper |
An Analysis on the Value Relevance of Goodwill Before and After the Introduction of IAS/IFRS Speaker: Eugenio D'Amico
Authors: Anna Maria Biscotti, Eugenio D'Amico, Enrico Laghi, Marco Mattei
In this paper, we empirically tested the value relevance of goodwill reported in the Financial Statements of the Italian companies listed on the Milan Stock Exchange throughout the period 1999-2010. In order to understand and compare the impact of different accounting rules on the value relevance of goodwill, we performed the regression model for two periods: before the adoption of the International Financial Reporting Standards (1999-2004) and after that (2005-2010). We also deepened the analysis in order to take into account both of the different types of companies examined (industrial and non-industrial) and of the financial crisis that affected Italy (as it did other industrialized countries) in the period 2008–2010. The results we obtained show a greater value relevance of goodwill in the period when the international accounting standards have been applied. Nevertheless, our further statistical analysis mean we can affirm that the greater value relevance found with regard to the application of the IAS/IFRS does not hold in periods of crisis as far as industrial companies are concerned. Further information: Session 2 Room 1.4.
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