By: Eli Bartov, Stephen R. Goldberg, Myung-Sun Kim

U.S. Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAS) compete for Internastional acceptance as reporting standards for capital markets around the world and in the U.S. Currently, the Securities and Exchange Commission (SEC) is considering the quality and acceptability of IAS, and has issued a Concept Release (SEC 2000), seeking advice on this issue. There is, however, only minimal market based evidance on the comparative quality of these two reporting regimes. In this research, we compare the value relevance of earnings produced under three accounting regimes, German GAAP, U.S. GAAP and IAS, by considering the association of stock returns and reported earnings as a mesure of quality of accounting standards.

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