This study is focused on the linkages between thelegislative families as descriptors of national legislativesystems and International Financial ReportingStandards (IFRSs) issued by the InternationalAccounting Standards Board (IASB). We considersuch analysis as a case study for the more general issueof explaining the preferences of national regulatorsin the adoption of foreign norms, rules, standardsand practices. By using a dataset of 162 jurisdictionsand dummy variables designed to capture thecurrent stage of IFRSs adoption and, respectively, thetaxonomy of their legislative systems, we find that afull IFRSs adoption is more likely to occur in countrieswhich have principles-based on legislative monosystems.In addition, we observe that a strong rule oflaw, with an effective mechanism of property rightsreinforcement, as well as the pre-adoption existenceof a pro-growth set of public policies can contributeto the encouragement of IFRSs adoption.
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