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1
An Empirical Investigation of Adopting IFRS Accounting
Standards Evidence from Morocco

&+ar ,aoua-
1
).halifa Ahsina
1
) ,aoufi/ 0aghri
2

1.National School of 1usiness and 2anage+ent) I-n ,ofail 3ni4ersit5) .enitra) 2orocco
2.Facult5 of 6aw) 7cono+ics and Social Sciences) 2oha++ed '-Souissi 3ni4ersit5)Sal8) 2orocco

Abstract
,his article e9a+ines whether 2oroccan listed co+"anies ha4e ado"ted the IFRS accounting standards. It ai+s
to "ro"ose a logistic regression +odel to e9"lain the ado"tion of IFRS in the 2oroccan conte9t. :e conducted a
/uantitati4e stud5 using a /uestionnaire with %; co+"anies listed on the <asa-lanca stoc= e9change.. 0efinitel5)
we can sa5 that o4erall) our +ain results suggest that the ado"tion of these standards is >ustified initiall5 -5 fir+
si?e. ,he e9istence of institutional shareholders and +e+-ershi" in the financial sector tend to fa4or the choice
of ado"tion of IFRS.
Keywords: 6ogistic regression +odel@ IFRS@ the contingenc5 theor5.

1 Introduction
Se4eral studies ha4e -een conducts to assess the ado"tion of international accounting standards -5 de4elo"ing
countries 1riston and :allace.199*) .ir-5.2**1#.
7uro"e was the first +a>or ado"ter of IFRS. 7uro"ean Regulation of 19 Jul5 2**2 has indeed de4oted to the
ado"tion of IFRS for consolidated accounts of listed co+"anies in the 7uro"ean 3nion after 2**(. It is thus
nearl5 7(** 7uro"ean grou"s including 9** French who ha4e +ade the transition to IFRS ;.
According to the IAS1) since 2**1 +ore than 1** countries ha4e re/uired or "er+itted the use of IFRS) while
other +a>or econo+ies ha4e esta-lished deadlines for con4ergence or ado"ting# IFRS.
Note first that the 73 has alread5 ado"ted IFRS for the consolidated accounts of co+"anies +a=ing "u-lic
offerings.
Alongside the 7uro"ean 3nion there are se4eral de4elo"ing countries that ha4e alread5 ado"ted the international
standard for indi4idual accounts.
&ther countries ha4e alread5 -egun the "rocess of con4ergence li=e) Ja"an 2*11#) <anada 2*11#) 1ra?il 2*1*#)
<hina 2*1*#) South .orea 2*11#) and India 2*12#.
A further "ro4ides that the united States ha4e indicated that the5 are willing to trade their legendar5 A3.S.
BAA!A against IFRS fro+ 2*1(. :hen the Brou" of 2* B2*#) it has recentl5 reaffir+ed in Se"te+-er 2**9#
during their +eeting in ASaint !eters-urgA their co++it+ents to the glo-al con4ergence of accounting standards
calling accounting -odies to redou-le efforts to achie4e a single set of high /ualit5) in the conte9t of their
inde"endent standard "rocessors and co+"lete their con4ergence "ro>ect -5 June 2*11.
For the Ara- countries) we note that se4en countries a""l5 the international -ench+ar= for indi4idual and C or
consolidated accounts) these countries are 2orocco) Jordan) !alestine) S5ria) 6e-anon) De+en and 7g5"t.
Eistoricall5 2oroccan accounting standards is dee"l5 ins"ired -5 French accounting standards. ,he 7uro"ean
har+oni?ation of accounting standards and econo+ic ties -etween 2orocco and the countries of the 7uro"ean
3nion lead us to "redict an align+ent of 2oroccan accounting standards on the IFRS.
,he i+"le+entation of IFRS -5 2oroccan co+"anies has -een a "rofound change in the thin=ing and "ractice of
accounting. ,he o"ening of the 2oroccan ca"ital of co+"anies to foreign in4estors) the "rocess of "ri4ati?ation
and the free trade agree+ents such as those concluded with the 7uro"ean 3nion and the 3nited States) is all
factors which e9"lain the interest in 2oroccan co+"anies to con4ert to the new standards.
Further+ore co+"ara-ilit5) neutralit5 and trans"arenc5 of financial state+ents) IFRS are li=el5 to reduce the
cost and effort of "u-lication of the financial state+ents according to se4eral standards.
,his "a"er e9a+ines whether 2oroccan listed co+"anies ha4e ado"ted the international accounting standards
IFRS.
,he "a"er is organi?ed as followsF section one will re4iew the rele4ant literature) Section two will "resents the
data collection) +ethodolog5 and the +ains results) ,he third section discusses the results in relation to the
literature.

! "iterature #verview
Se4eral studies ha4e e9a+ined the ado"tion of the IFRS accounting standards in the e+erging countries.
Indeed +an5 authors confir+ that fir+ si?e influences ado"ting of IFRS standards Gi++er+an) 199*) Eand and
S=ant?) 199$) and Ahsina) 2*12#.
&ther authors ha4e suggested that loans contracts influences accounting choices) 2archal and al 2**7#) show
the growth of de-t during the first a""lication of IFRS accounting.
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,he e9ecuti4e co+"ensation contracts affect accounting choice) :illia+s and Rao 2**6# show that +anagers)
"art of whose re+uneration consists of stoc=s o"tion) ha4e +ore ris=5 -eha4ior in the +anage+ent of e/uit5.
,o 2tanias and !a/uerot 1999#) the choice of +anagers de"end also on the "resence of +a>ors shareholders )
the "ressure on +anagers is +ore i+"ortant and reduces the fle9i-ilit5 in the +anage+ent of accounting data.
Eeal5 and al 1999# show that institutional in4estors are the agents +ost de+anding in ter+ of regular financial
infor+ation.
2ore e4er) 7l ga??ar 199$# argues that institutional shareholders can influence the choice of a la5er of
infor+ation.
6isting on a foreign +ar=ets influence accounting choices) <u5"erts and 1ri5ni= 2**(# showed that a listing on
a 3S +ar=et encouraged the grou"s to 4oluntaril5 recogni?ed accounting standards 3S.BAA! or IAS-IFRS#.
,o construct our +odel to e9"lain the choice of ado"ting IFRS in the 2oroccan case) we retain the traditional
4aria-les of the contingenc5 theor5) na+el5F fir+ si?e) de-t ratio) international listing) and distri-ution of stoc=
o"tion) "resence of controlling shareholders) and "resence of institutional shareholders.

$ data collection% met&odology and t&e mains results
,o conduct this stud5) we co+"iled data fro+ the site of <asa-lanca stoc= e9change. For each listed co+"an5)
we collected the infor+ation needed to send the sur4e5. ,he director5 was "rocured in an 79cel ta-le. ,his
allowed us to easil5 e9"ort the entire contact list in the +ailer.


Figure 1F 2odelling the ado"tion of IAS C IFRS
A +odel needs to -e tested. It is therefore necessar5 to +a=e assu+"tions that will -e faced with the realit5 on
the ground during the /uantitati4e sur4e5.
,o :atts and Gi++er+an 199*#) Ait is clear that there is a relationshi" -etween accounting choice and other
4aria-les of the fir+) as the de-t le4el and si?e.A
:e retain the traditional 4aria-les of "ositi4e accounting theor5) na+el5 si?e) le4erage and +ethods of e9ecuti4e
co+"ensation. :ith these funda+entals) we add the shareholding structure) and listing in foreign stoc= +ar=ets.
,he e9"ected correlation -etween accounting choice and the transition inde"endent 4aria-les are inferred fro+
the literature. ,he +odel ai+s to -ring out the deter+inants of choice fro+ the esti+ated e9"lanator5 factors. :e
h5"othesi?e a-out the +eaning of the relationshi" -etween "otential e9"lanator5 factors and the choice of
transition to IFRS.
Results confir+ing the influence of fir+ si?e on accounting "olic5 choices ha4e -een highlighted -5 nu+erous
studies :atts and Gi++er+an) 199*@ Raffournier 199(@ Eand and S=ant?) 199$#. Si+ilarl5 ..Ahsina in 2*12)
showed that si?e influences the i+"le+entation of +anage+ent control s5ste+s.
'ypot&esis 1F ,he largest listed co+"anies tend to o"t for the choice of accounting standards internationall5
recogni?ed.
6oan contracts influence accounting choicesF !re4ious research de4oted to Anglo-Sa9on countries 0efond and
Jia+-al4o) 199%@ 1all et al.) 2**$# de+onstrated the influence of contractual clauses related to the rate de-t on
the choice of accounting "ractices. Eowe4er) as e+"hasi?ed <or+ier et al. 2**%#) de-t contracts rarel5 include
French for+al contractual co++it+ents. Eowe4er) the a""lication of IAS C IFRS has an i+"act on le4erage.
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2oreo4er) 2archal et al. 2**7# show the growth of de-t during the first a""lication of international accounting
standards. ,he authors e+"hasi?e that the change in de-t was a-o4e 1*H in a-solute 4alue for %(H of the
grou"s.
'ypot&esis !F <o+"anies listed on the +ost le4eraged will tend to ado"t IFRS in order to i+"ro4e the de-t ratio.
,he e9ecuti4e co+"ensation contracts affect accounting choicesF ,he "ositi4e theor5 assu+es that +anagers
+a9i+i?e their utilit5. ,herefore) if the5 ha4e stoc=--ased co+"ensation) the5 will tend to +anage accounting
nu+-ers to +a9i+i?e the 4alue of their stoc= o"tions. :illia+s and Rao 2**6# show that +anagers) "art of
whose re+uneration consists of stoc= o"tions) ha4e +ore ris=5 -eha4ior in the +anage+ent of e/uit5.
Accounting choices are assu+ed to -e affected -5 the o""ortunis+ of e9ecuti4es with stoc= o"tions.
'ypot&esis $F ,he grou" "lans to distri-ute stoc= o"tions to their e9ecuti4es will tend to o"t for the international
reference IFRS) ha4ing a "ositi4e i+"act on e/uit5.
Singh4i and 0esai 1971# argue that ownershi" structure has a significant influence on the /ualit5 of annual
re"orts. It therefore see+s necessar5 to +easure the influence of ownershi" structure on accounting choices
during the transition to IAS C IFRS. ,here are generall5 two t5"es of shareholders) the +a>orit5 shareholder in
one hand and the institutional shareholder other.
,he ownershi" concentration influences the accounting choices. ,he choice of +anagers de"ends on the
"resence of one or +ore +a>or shareholders. 3nder these conditions) the "ressure on +anagers is +ore i+"ortant
and reduces the fle9i-ilit5 in the +anage+ent of accounting data. A +a>orit5 shareholder can +ore effecti4el5
control accounting decisions that +inorit5 shareholders) -ecause it has sufficient 4oting "ower to influence
officers or "ossi-l5 con4ince other shareholders to su""ort it in case of o""osition to the direction of the
co+"an5 2tanios and !a/uerot) 1999#.
'ypot&esis (F the "resence of a +a>orit5 shareholder influences the choice of transition to IFRS.
,he influence of institutional shareholders accounting choicesF Eeal5 et al. 1999# show that institutional
in4estors are the agents +ost de+anding in ter+s of regular financial infor+ation and "u-lished in due course.
2oreo4er) 7l-Ba??ar 199$# argues that institutional shareholders can influence the choice of grou"s de+anding
a new la5er of infor+ation. Institutional shareholders are acti4e "artners in the co+"an5) the5 can choose to
influence leaders to force the+ to increase the "erfor+ance of the fir+ and 2tanios !a/uerot) 1999#.
'ypot&esis )F the "resence of institutional shareholders affects the choice of transition to IFRS.
,hus) as the case) these shareholders +a5 fa4or standards which result in an increase in e/uit5 to reflect the
econo+ic 4alue) then) on the contrar5) for the sa=e of trans"arenc5 of accounts) the5 can su""ort o"tions ha4ing
a negati4e i+"act on e/uit5.
0u+ontier and Raffournier 199$#) 7l-Ba??ar et al. 1999#) Ash-aught 2**1# and <ui>"ers and 1ui>ini= 2**(#
showed that a listing on a 3.S. +ar=et encouraged the grou"s to 4oluntaril5 ado"t an internationall5 recogni?ed
accounting standards 3.S. BAA! or IAS C IFRS#. In these circu+stances) we can assu+e that the fir+s listed
outside of the 2oroccan +ar=et would tend to choose the nearest re"ositor5 of 7uro"ean listed co+"anies.
'ypot&esis *F Bi4en these inter"retations) co+"anies listed on se4eral stoc= +ar=ets tend to ado"t international
accounting standards IFRS.
6i=e <a?a4an-Jen5 and Jean>ean 2**7# as well as 1ou=ari and Richard 2**7#) we assu+e that co+"anies
esta-lishing a "ositi4e i+"act will -e hel"ed to choose the +aterials ha4ing a negati4e effect on e/uit5 in the
o->ecti4e of +ini+i?ing the conse/uences of the transition.
'ypot&esis +F Fir+s that ha4e ado"ted the IFRS are +ore rele4ant and relia-le financial re"orting co+"ared to
those who ha4e =e"t 2oroccan accounting.
,o e9"lain the accounting choices of transition) we used an econo+etric +odel to identif5 characteristics that
influence the accounting "olic5 of the co+"anies listed on the <asa-lanca Stoc= 79change.
,he de"endent 4aria-le +odel is the choice of transition to IFRS. 7ach choice is a dichoto+ous 4aria-le. ,he
choice of transition to IFRS is coded 1) while the choice there is no coded *.
,he following 4aria-les were usedF fir+ si?e) le4erage) e9ecuti4e co+"ensation in stoc= o"tions) shareholder
structure and listing on an international financial +ar=et. :e add as a control 4aria-le i+"act of IAS C IFRS on
the relia-ilit5 and rele4ance of financial state+ents.

$ Sample and met&odology
,his wor= is de4oted to the accounting choice of transition to IAS C IFRS conducted -5 listed co+"anies) e9ce"t
-an=s) it circu+scri-es) alread5) the reference "o"ulation to listed co+"anies or not a""l5ing IAS C IFRS. For
each listed co+"an5) we collected fro+ the site www.casa-lanca--ourse.co+) the infor+ation needed to send the
sur4e5F the coordinates of the head/uarters) the na+es of =e5 e9ecuti4es) electronic and tele"hone contact details
of <7&Is and C or +e+-ers of financial co++unication ser4ice. ,he director5 was "roduced in an 79cel ta-le)
which allowed us to easil5 e9"ort the entire contact list in the +ailer
&f a total of 69 /uestionnaires sent) %; were filled) a res"onse rate of 62.;2H. ,he res"onse rate is 4er5
fa4ora-le. Recalcitrant co+"anies ha4e -een s5ste+aticall5 re-launched) often se4eral ti+es and with different
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interlocutors) we -elie4e that the refusal to res"ond to these co+"anies is not onl5 due to lac= of ti+e
res"ondents) as has often -een argued. For so+e of these co+"anies) the refusal would see+ to result fro+ the
fear of infor+ation lea=s out.
,he choice of the logistic regression +odel has e+erged for two reasons. First) the de"endent 4aria-le is
/ualitati4e - the act of choosing or not the +o4e to IFRS -) thus "re4enting the use of ordinar5 +ulti"le
regression. And se4eral e9"lanator5 4aria-les are /ualitati4e - the e9istence of a stoc= o"tion "lan) the e9istence
of controlling shareholders and C or institutional or e4en the i+"act or not on the rele4ance of financial
state+ents) which "rohi-its the use discri+inant anal5sis.
2oreo4er) the use of logistic regression is co++on in "ositi4e theor5 of accounting. ,hus) in a re4iew of the
literature de4oted to "u-lications on accounting choices during the 9*s) Fields et al. 2**1# identif5 the
regression +ethod including logistics# as a solution to the "ro-le+ of anal5sis of accounting choices.
,o stud5 a dichoto+ous de"endent 4aria-le in our caseF A ado"tion of the standards IASCIFRSJF K1J) or) Knon-
ado"tion of IAS C IFRSJF K* A#) se4eral statistical +ethods are "ossi-le. In this stud5) we chose logistic
regression.3nder this +ethod) the +odel is written asF
6ogit !# L 6og !C1-!# L MN O1P Si?e N O2P 0e-t ratioN O;P Stoc= o"tionN O%P !resence of controlling
shareholdersN O(P !resence of institutional shareholdersN O6P 6e4el of relia-ilit5 and rele4ance NO7P industr5.

( Main results
,he e9"lanator5 anal5sis has -een e9"osed -5 anal5?ing two 4aried and logistic regression anal5sis.
,he results "resented are "articularl5 interesting -ecause the5 anal5?e the accounting choices of a %; of
co+"anies listed on the <asa-lanca Stoc= 79change and the5 reflect the choices +ade -5 the co+"anies +ost
affected -5 IFRS.
In conclusion of the logistic regression anal5sis) one can draw a ta-le su++ari?ing the results of h5"othesis
testing.
,able 1: ,est Results of h5"othesis according to logistic regression anal5sis
-. ,itle of &ypot&esis variables tested Results
1

A,he largest co+"anies tend to o"t for the choice of an
internationall5 recogni?ed accounting standardsA

Si?e of the fir+
4alidated
2
A,he higher the ratio of de-t to e/uit5 is high) +ore listed co+"anies
tend to ado"t IFRSA

Ration of de-t
re>ected
;
A,he grou" "lans to distri-ute stoc= o"tions to their e9ecuti4es will
tend to o"t for the international reference IFRSA
79istence of stoc=
o"tion "lans
re>ected
%
A,he "resence of a +a>orit5 shareholder influences the choice of
transition to IFRSA
!resence of +a>orit5
shareholders
re>ected
(
A,he "resence of institutional shareholders influence the choice of
the transition to IFRSA
!resence of
institutional
shareholders
4alidated
6
A<o+"anies in certain industries tend to ado"t international
accounting standards IFRSA
Industr5 4alidated
7
AFir+s that ha4e ado"ted the IFRS are +ore rele4ant and relia-le
financial re"orting co+"ared to those who ha4e =e"t 2oroccan
accountingA

Rele4ance of IFRS
state+ents
re>ected

) /onclusion
,his "a"erQs o->ecti4es were to o-ser4e and understand the -eha4ior of co+"anies listed on the <asa-lanca Stoc=
79change in 4iew of the choice of the transition to international accounting standards IAS-IFRS. For this) we
used an /uantitati4e a""roach to understand the "heno+enon of change in accounting standards in a glo-al
"ers"ecti4e.
,he research /uestion that guided this wor= was for+ulated as followsF what are the factors e9"laining the
choice of transition to IAS C IFRS +ade -5 co+"anies listed on the <asa-lanca Stoc= 79changeR
:e res"onded -5 highlighting the influences e9"erienced -5 fir+s during the selection "rocess of transition.
:e ha4e highlighted the lin= -etween the IFRS and the intrinsic characteristics of co+"anies. 0ecisions de"end
on the si?e) co+"osition of ownershi") and industr5. Si+ilarl5) financial and hu+an resources allocated to IFRS
"ro>ects are crucial in the "rocess of choice.
Finall5) the choice of the transition is largel5 su->ect to the -eha4ior of "re"arers. ,hus) the nor+ati4e and
technical co+"le9it5 of IAS- IFRS has highlighted the li+ited cogniti4e ca"acities of "ractitioners who are not
a-le to ca"ture the entire -od5 o"ti+all5) +uch less to antici"ate the effects of the "assage of the financial
state+ents.
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22. Singh4i I) S.) 0esai) E.) 1971#) AAn e+"irical anal5sis of cor"orate financial disclosureA) Accounting
re4iew) 'ol.%6) nS1) "".129-1;$.
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