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Never the Twain Shall Meet?

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

Author(s):

Paul Klumpes

Professor of Accounting, EDHEC Business School

Peter Welch

Independent Banking Consultant

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

Pdf

Never the Twain Shall Meet?...

(-1.00 B)

Type:	Position paper
Date:	le 22/02/2011
Extra information :	For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.
Research Cluster :	Financial Analysis and Accounting

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About EDHEC

Operating from campuses in Lille, Nice, Paris, London and Singapore, EDHEC is one of the top 15 European business schools, ranked 1st worldwide for its Master in Finance. Fully international and directly connected to the business world, EDHEC is a school for business, rather than a business school, where excellence in teaching and research focuses on innovation to stimulate entrepreneurship and creativity. For business from birth and dedicated to business, EDHEC makes entrepreneurs for life, able to remodel or create successful businesses wherever they work.
EDHEC functions as a genuine laboratory of ideas and produces innovative solutions valued by businesses. The School’s teaching philosophy, inspired by its award-winning research activities, focuses on “learning by doing”.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(267) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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"uuid" } ["revision table"]=> array(2) { [0]=> string(11) "revision_id" [1]=> string(7) "item_id" } } ["token type"]=> string(21) "field_collection_item" ["configuration"]=> bool(false) ["uuid"]=> bool(true) } ["idKey":protected]=> string(7) "item_id" ["nameKey":protected]=> string(7) "item_id" ["statusKey":protected]=> string(6) "status" ["defaultLabel":protected]=> bool(false) ["wrapper":protected]=> NULL ["uuid"]=> string(36) "cf9fbb26-dba4-414d-b7d2-3eff052fe7ec" ["field_title"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(27) "Never the Twain Shall Meet?" 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["log"]=> string(0) "" ["status"]=> string(1) "1" ["comment"]=> string(1) "1" ["promote"]=> string(1) "0" ["sticky"]=> string(1) "0" ["vuuid"]=> string(36) "d9a64504-b00a-40c8-839f-7cbc8e955daf" ["nid"]=> string(5) "10392" ["type"]=> string(11) "publication" ["language"]=> string(3) "und" ["created"]=> string(10) "1474027702" ["changed"]=> string(10) "1480342517" ["tnid"]=> string(1) "0" ["translate"]=> string(1) "0" ["uuid"]=> string(36) "813b6a16-f0f5-4c35-b1ce-621336b552b7" ["revision_timestamp"]=> string(10) "1480342517" ["revision_uid"]=> string(1) "1" ["body"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(1216) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" } } } ["field_type_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(2) "55" } } } ["field_pole_recherche"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(3) "131" } } } ["field_date"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(19) "2011-02-22 00:00:00" ["value2"]=> string(19) "2011-02-22 00:00:00" ["timezone"]=> string(12) "Europe/Paris" ["timezone_db"]=> string(12) "Europe/Paris" ["date_type"]=> string(8) "datetime" } } } ["field_image_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(15) { ["fid"]=> string(5) "11177" ["uid"]=> string(1) "0" ["filename"]=> string(87) "com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["uri"]=> string(116) "public://publications/images/com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["filemime"]=> string(24) "application/octet-stream" ["filesize"]=> string(4) "6591" ["status"]=> string(1) "1" ["timestamp"]=> string(10) "1474027694" ["type"]=> string(7) "default" ["uuid"]=> string(36) "e90c90c6-22a8-498c-a9a3-d5bdf5e2a410" ["rdf_mapping"]=> array(0) { } ["alt"]=> string(0) "" ["title"]=> string(0) "" ["width"]=> string(3) "185" ["height"]=> string(3) "262" } } } ["field_documents"]=> array(1) { ["und"]=> array(1) { [0]=> array(2) { ["value"]=> string(4) "8696" ["revision_id"]=> string(4) "8696" } } } ["field_lien"]=> array(0) { } ["field_complement_d_information"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(223) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(267) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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["uid"]=> array(2) { ["predicates"]=> array(1) { [0]=> string(16) "sioc:has_creator" } ["type"]=> string(3) "rel" } ["name"]=> array(1) { ["predicates"]=> array(1) { [0]=> string(9) "foaf:name" } } ["comment_count"]=> array(2) { ["predicates"]=> array(1) { [0]=> string(16) "sioc:num_replies" } ["datatype"]=> string(11) "xsd:integer" } ["last_activity"]=> array(3) { ["predicates"]=> array(1) { [0]=> string(23) "sioc:last_activity_date" } ["datatype"]=> string(12) "xsd:dateTime" ["callback"]=> string(12) "date_iso8601" } } ["path"]=> array(1) { ["pathauto"]=> string(1) "1" } ["name"]=> string(0) "" ["picture"]=> string(1) "0" ["data"]=> NULL ["print_html_display"]=> int(1) ["print_html_display_comment"]=> int(0) ["print_html_display_urllist"]=> int(1) ["entity_view_prepared"]=> bool(true) } ["hostEntityId":protected]=> int(10392) ["hostEntityRevisionId":protected]=> bool(false) ["hostEntityType":protected]=> string(4) "node" ["langcode":protected]=> string(3) "und" ["item_id"]=> 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["custom settings"]=> bool(false) } ["diff_standard"]=> array(2) { ["label"]=> string(19) "Revision comparison" ["custom settings"]=> bool(false) } ["print"]=> array(2) { ["label"]=> string(5) "Print" ["custom settings"]=> bool(false) } ["token"]=> array(2) { ["label"]=> string(6) "Tokens" ["custom settings"]=> bool(false) } } ["access callback"]=> string(28) "field_collection_item_access" ["deletion callback"]=> string(28) "field_collection_item_delete" ["metadata controller class"]=> string(37) "FieldCollectionItemMetadataController" ["bundles"]=> array(2) { ["field_documents"]=> array(3) { ["label"]=> string(32) "Field collection field_documents" ["admin"]=> array(4) { ["path"]=> string(62) "admin/structure/field-collections/%field_collection_field_name" ["real path"]=> string(49) "admin/structure/field-collections/field-documents" ["bundle argument"]=> int(3) ["access arguments"]=> array(1) { [0]=> string(28) "administer field collections" } } ["rdf_mapping"]=> array(0) { } } 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"uuid" } ["revision table"]=> array(2) { [0]=> string(11) "revision_id" [1]=> string(7) "item_id" } } ["token type"]=> string(21) "field_collection_item" ["configuration"]=> bool(false) ["uuid"]=> bool(true) } ["idKey":protected]=> string(7) "item_id" ["nameKey":protected]=> string(7) "item_id" ["statusKey":protected]=> string(6) "status" ["defaultLabel":protected]=> bool(false) ["wrapper":protected]=> NULL ["uuid"]=> string(36) "cf9fbb26-dba4-414d-b7d2-3eff052fe7ec" ["field_title"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(27) "Never the Twain Shall Meet?" 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["log"]=> string(0) "" ["status"]=> string(1) "1" ["comment"]=> string(1) "1" ["promote"]=> string(1) "0" ["sticky"]=> string(1) "0" ["vuuid"]=> string(36) "d9a64504-b00a-40c8-839f-7cbc8e955daf" ["nid"]=> string(5) "10392" ["type"]=> string(11) "publication" ["language"]=> string(3) "und" ["created"]=> string(10) "1474027702" ["changed"]=> string(10) "1480342517" ["tnid"]=> string(1) "0" ["translate"]=> string(1) "0" ["uuid"]=> string(36) "813b6a16-f0f5-4c35-b1ce-621336b552b7" ["revision_timestamp"]=> string(10) "1480342517" ["revision_uid"]=> string(1) "1" ["body"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(1216) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" } } } ["field_type_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(2) "55" } } } ["field_pole_recherche"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(3) "131" } } } ["field_date"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(19) "2011-02-22 00:00:00" ["value2"]=> string(19) "2011-02-22 00:00:00" ["timezone"]=> string(12) "Europe/Paris" ["timezone_db"]=> string(12) "Europe/Paris" ["date_type"]=> string(8) "datetime" } } } ["field_image_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(15) { ["fid"]=> string(5) "11177" ["uid"]=> string(1) "0" ["filename"]=> string(87) "com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["uri"]=> string(116) "public://publications/images/com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["filemime"]=> string(24) "application/octet-stream" ["filesize"]=> string(4) "6591" ["status"]=> string(1) "1" ["timestamp"]=> string(10) "1474027694" ["type"]=> string(7) "default" ["uuid"]=> string(36) "e90c90c6-22a8-498c-a9a3-d5bdf5e2a410" ["rdf_mapping"]=> array(0) { } ["alt"]=> string(0) "" ["title"]=> string(0) "" ["width"]=> string(3) "185" ["height"]=> string(3) "262" } } } ["field_documents"]=> array(1) { ["und"]=> array(1) { [0]=> array(2) { ["value"]=> string(4) "8696" ["revision_id"]=> string(4) "8696" } } } ["field_lien"]=> array(0) { } ["field_complement_d_information"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(223) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(267) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" } } } ["field_type_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(2) "55" } } } ["field_pole_recherche"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(3) "131" } } } ["field_date"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(19) "2011-02-22 00:00:00" ["value2"]=> string(19) "2011-02-22 00:00:00" ["timezone"]=> string(12) "Europe/Paris" ["timezone_db"]=> string(12) "Europe/Paris" ["date_type"]=> string(8) "datetime" } } } ["field_image_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(15) { ["fid"]=> string(5) "11177" ["uid"]=> string(1) "0" ["filename"]=> string(87) "com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["uri"]=> string(116) "public://publications/images/com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["filemime"]=> string(24) "application/octet-stream" ["filesize"]=> string(4) "6591" ["status"]=> string(1) "1" ["timestamp"]=> string(10) "1474027694" ["type"]=> string(7) "default" ["uuid"]=> string(36) "e90c90c6-22a8-498c-a9a3-d5bdf5e2a410" ["rdf_mapping"]=> array(0) { } ["alt"]=> string(0) "" ["title"]=> string(0) "" ["width"]=> string(3) "185" ["height"]=> string(3) "262" } } } ["field_documents"]=> array(1) { ["und"]=> array(1) { [0]=> array(2) { ["value"]=> string(4) "8696" ["revision_id"]=> string(4) "8696" } } } ["field_lien"]=> array(0) { } ["field_complement_d_information"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(223) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(267) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" } } } ["field_type_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(2) "55" } } } ["field_pole_recherche"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(3) "131" } } } ["field_date"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(19) "2011-02-22 00:00:00" ["value2"]=> string(19) "2011-02-22 00:00:00" ["timezone"]=> string(12) "Europe/Paris" ["timezone_db"]=> string(12) "Europe/Paris" ["date_type"]=> string(8) "datetime" } } } ["field_image_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(15) { ["fid"]=> string(5) "11177" ["uid"]=> string(1) "0" ["filename"]=> string(87) "com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["uri"]=> string(116) "public://publications/images/com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["filemime"]=> string(24) "application/octet-stream" ["filesize"]=> string(4) "6591" ["status"]=> string(1) "1" ["timestamp"]=> string(10) "1474027694" ["type"]=> string(7) "default" ["uuid"]=> string(36) "e90c90c6-22a8-498c-a9a3-d5bdf5e2a410" ["rdf_mapping"]=> array(0) { } ["alt"]=> string(0) "" ["title"]=> string(0) "" ["width"]=> string(3) "185" ["height"]=> string(3) "262" } } } ["field_documents"]=> array(1) { ["und"]=> array(1) { [0]=> array(2) { ["value"]=> string(4) "8696" ["revision_id"]=> string(4) "8696" } } } ["field_lien"]=> array(0) { } ["field_complement_d_information"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(223) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(267) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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["format"]=> NULL ["safe_value"]=> string(27) "Never the Twain Shall Meet?" } } ["#formatter"]=> string(10) "text_plain" [0]=> array(1) { ["#markup"]=> string(27) "Never the Twain Shall Meet?" } } ["field_fichier"]=> array(16) { ["#theme"]=> string(5) "field" ["#weight"]=> string(1) "2" ["#title"]=> string(7) "Fichier" ["#access"]=> bool(true) ["#label_display"]=> string(6) "hidden" ["#view_mode"]=> string(4) "full" ["#language"]=> string(3) "und" ["#field_name"]=> string(13) "field_fichier" ["#field_type"]=> string(4) "file" ["#field_translatable"]=> string(1) "0" ["#entity_type"]=> string(21) "field_collection_item" ["#bundle"]=> string(15) "field_documents" ["#object"]=> object(FieldCollectionItemEntity)#283 (24) { ["fieldInfo":protected]=> NULL ["hostEntity":protected]=> object(stdClass)#216 (40) { ["vid"]=> string(5) "10392" ["uid"]=> string(1) "0" ["title"]=> string(27) "Never the Twain Shall Meet?" ["log"]=> string(0) "" ["status"]=> string(1) "1" ["comment"]=> string(1) "1" ["promote"]=> string(1) "0" ["sticky"]=> string(1) "0" ["vuuid"]=> string(36) "d9a64504-b00a-40c8-839f-7cbc8e955daf" ["nid"]=> string(5) "10392" ["type"]=> string(11) "publication" ["language"]=> string(3) "und" ["created"]=> string(10) "1474027702" ["changed"]=> string(10) "1480342517" ["tnid"]=> string(1) "0" ["translate"]=> string(1) "0" ["uuid"]=> string(36) "813b6a16-f0f5-4c35-b1ce-621336b552b7" ["revision_timestamp"]=> string(10) "1480342517" ["revision_uid"]=> string(1) "1" ["body"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(1216) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" } } } ["field_type_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(2) "55" } } } ["field_pole_recherche"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(3) "131" } } } ["field_date"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(19) "2011-02-22 00:00:00" ["value2"]=> string(19) "2011-02-22 00:00:00" ["timezone"]=> string(12) "Europe/Paris" ["timezone_db"]=> string(12) "Europe/Paris" ["date_type"]=> string(8) "datetime" } } } ["field_image_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(15) { ["fid"]=> string(5) "11177" ["uid"]=> string(1) "0" ["filename"]=> string(87) "com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["uri"]=> string(116) "public://publications/images/com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["filemime"]=> string(24) "application/octet-stream" ["filesize"]=> string(4) "6591" ["status"]=> string(1) "1" ["timestamp"]=> string(10) "1474027694" ["type"]=> string(7) "default" ["uuid"]=> string(36) "e90c90c6-22a8-498c-a9a3-d5bdf5e2a410" ["rdf_mapping"]=> array(0) { } ["alt"]=> string(0) "" ["title"]=> string(0) "" ["width"]=> string(3) "185" ["height"]=> string(3) "262" } } } ["field_documents"]=> array(1) { ["und"]=> array(1) { [0]=> array(2) { ["value"]=> string(4) "8696" ["revision_id"]=> string(4) "8696" } } } ["field_lien"]=> array(0) { } ["field_complement_d_information"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(223) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(267) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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["custom settings"]=> bool(false) } ["diff_standard"]=> array(2) { ["label"]=> string(19) "Revision comparison" ["custom settings"]=> bool(false) } ["print"]=> array(2) { ["label"]=> string(5) "Print" ["custom settings"]=> bool(false) } ["token"]=> array(2) { ["label"]=> string(6) "Tokens" ["custom settings"]=> bool(false) } } ["access callback"]=> string(28) "field_collection_item_access" ["deletion callback"]=> string(28) "field_collection_item_delete" ["metadata controller class"]=> string(37) "FieldCollectionItemMetadataController" ["bundles"]=> array(2) { ["field_documents"]=> array(3) { ["label"]=> string(32) "Field collection field_documents" ["admin"]=> array(4) { ["path"]=> string(62) "admin/structure/field-collections/%field_collection_field_name" ["real path"]=> string(49) "admin/structure/field-collections/field-documents" ["bundle argument"]=> int(3) ["access arguments"]=> array(1) { [0]=> string(28) "administer field collections" } } ["rdf_mapping"]=> array(0) { } } 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"uuid" } ["revision table"]=> array(2) { [0]=> string(11) "revision_id" [1]=> string(7) "item_id" } } ["token type"]=> string(21) "field_collection_item" ["configuration"]=> bool(false) ["uuid"]=> bool(true) } ["idKey":protected]=> string(7) "item_id" ["nameKey":protected]=> string(7) "item_id" ["statusKey":protected]=> string(6) "status" ["defaultLabel":protected]=> bool(false) ["wrapper":protected]=> NULL ["uuid"]=> string(36) "cf9fbb26-dba4-414d-b7d2-3eff052fe7ec" ["field_title"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(27) "Never the Twain Shall Meet?" ["format"]=> NULL ["safe_value"]=> string(27) "Never the Twain Shall Meet?" } } } ["field_fichier"]=> array(1) { ["und"]=> array(1) { [0]=> array(13) { ["fid"]=> string(5) "11178" ["uid"]=> string(1) "0" ["filename"]=> string(72) "com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1328885973996jpg" ["uri"]=> string(98) "public://publications/pdf/com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1328885973996jpg" ["filemime"]=> string(24) "application/octet-stream" ["filesize"]=> string(7) "2659391" ["status"]=> string(1) "1" ["timestamp"]=> string(10) "1474027694" ["type"]=> string(7) "default" ["uuid"]=> string(36) "22ada5e6-002b-4004-9722-01d25f227aad" ["rdf_mapping"]=> array(0) { } ["display"]=> string(1) "1" ["description"]=> string(0) "" } } } ["field_type_de_fichier"]=> array(1) { ["und"]=> array(1) { [0]=> array(2) { ["tid"]=> string(2) "33" ["taxonomy_term"]=> object(stdClass)#265 (12) { ["tid"]=> string(2) "33" ["vid"]=> string(1) "8" ["name"]=> string(3) "Pdf" ["description"]=> string(0) "" ["format"]=> string(9) "full_html" ["weight"]=> string(1) "0" ["uuid"]=> string(36) "8fcea7ed-9687-49cd-8d86-f09b1383a4e4" ["language"]=> string(3) "und" ["i18n_tsid"]=> string(1) "0" ["vocabulary_machine_name"]=> string(7) "fichier" ["rdf_mapping"]=> array(5) { ["rdftype"]=> array(1) { [0]=> string(12) "skos:Concept" } ["name"]=> array(1) { ["predicates"]=> array(2) { [0]=> string(10) "rdfs:label" [1]=> string(14) "skos:prefLabel" } } ["description"]=> array(1) { ["predicates"]=> array(1) { [0]=> string(15) "skos:definition" } } ["vid"]=> array(2) { ["predicates"]=> array(1) { [0]=> string(13) "skos:inScheme" } ["type"]=> string(3) "rel" } ["parent"]=> array(2) { ["predicates"]=> array(1) { [0]=> string(12) "skos:broader" } ["type"]=> string(3) "rel" } } ["path"]=> array(1) { ["pathauto"]=> string(1) "1" } } } } } ["rdf_mapping"]=> array(0) { } ["entity_view_prepared"]=> bool(true) } ["#items"]=> array(1) { [0]=> array(2) { ["tid"]=> string(2) "33" ["taxonomy_term"]=> object(stdClass)#265 (12) { ["tid"]=> string(2) "33" ["vid"]=> string(1) "8" ["name"]=> string(3) "Pdf" ["description"]=> string(0) "" ["format"]=> string(9) "full_html" ["weight"]=> string(1) "0" ["uuid"]=> string(36) "8fcea7ed-9687-49cd-8d86-f09b1383a4e4" ["language"]=> string(3) "und" ["i18n_tsid"]=> string(1) "0" ["vocabulary_machine_name"]=> string(7) "fichier" ["rdf_mapping"]=> array(5) { ["rdftype"]=> array(1) { [0]=> string(12) "skos:Concept" } ["name"]=> array(1) { ["predicates"]=> array(2) { [0]=> string(10) "rdfs:label" [1]=> string(14) "skos:prefLabel" } } ["description"]=> array(1) { ["predicates"]=> array(1) { [0]=> string(15) "skos:definition" } } ["vid"]=> array(2) { ["predicates"]=> array(1) { [0]=> string(13) "skos:inScheme" } ["type"]=> string(3) "rel" } ["parent"]=> array(2) { ["predicates"]=> array(1) { [0]=> string(12) "skos:broader" } ["type"]=> string(3) "rel" } } ["path"]=> array(1) { ["pathauto"]=> string(1) "1" } } } } ["#formatter"]=> string(29) "taxonomy_term_reference_plain" [0]=> array(1) { ["#markup"]=> string(3) "Pdf" } } ["#pre_render"]=> array(1) { [0]=> string(30) "_field_extra_fields_pre_render" } ["#entity_type"]=> string(21) "field_collection_item" ["#bundle"]=> string(15) "field_documents" ["#theme"]=> string(6) "entity" ["#entity"]=> object(FieldCollectionItemEntity)#283 (24) { ["fieldInfo":protected]=> NULL ["hostEntity":protected]=> object(stdClass)#216 (40) { ["vid"]=> string(5) "10392" ["uid"]=> string(1) "0" ["title"]=> string(27) "Never the Twain Shall Meet?" ["log"]=> string(0) "" ["status"]=> string(1) "1" ["comment"]=> string(1) "1" ["promote"]=> string(1) "0" ["sticky"]=> string(1) "0" ["vuuid"]=> string(36) "d9a64504-b00a-40c8-839f-7cbc8e955daf" ["nid"]=> string(5) "10392" ["type"]=> string(11) "publication" ["language"]=> string(3) "und" ["created"]=> string(10) "1474027702" ["changed"]=> string(10) "1480342517" ["tnid"]=> string(1) "0" ["translate"]=> string(1) "0" ["uuid"]=> string(36) "813b6a16-f0f5-4c35-b1ce-621336b552b7" ["revision_timestamp"]=> string(10) "1480342517" ["revision_uid"]=> string(1) "1" ["body"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(1216) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" } } } ["field_type_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(2) "55" } } } ["field_pole_recherche"]=> array(1) { ["und"]=> array(1) { [0]=> array(1) { ["tid"]=> string(3) "131" } } } ["field_date"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(19) "2011-02-22 00:00:00" ["value2"]=> string(19) "2011-02-22 00:00:00" ["timezone"]=> string(12) "Europe/Paris" ["timezone_db"]=> string(12) "Europe/Paris" ["date_type"]=> string(8) "datetime" } } } ["field_image_publication"]=> array(1) { ["und"]=> array(1) { [0]=> array(15) { ["fid"]=> string(5) "11177" ["uid"]=> string(1) "0" ["filename"]=> string(87) "com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["uri"]=> string(116) "public://publications/images/com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1298365489051&ID_FICHE=5622" ["filemime"]=> string(24) "application/octet-stream" ["filesize"]=> string(4) "6591" ["status"]=> string(1) "1" ["timestamp"]=> string(10) "1474027694" ["type"]=> string(7) "default" ["uuid"]=> string(36) "e90c90c6-22a8-498c-a9a3-d5bdf5e2a410" ["rdf_mapping"]=> array(0) { } ["alt"]=> string(0) "" ["title"]=> string(0) "" ["width"]=> string(3) "185" ["height"]=> string(3) "262" } } } ["field_documents"]=> array(1) { ["und"]=> array(1) { [0]=> array(2) { ["value"]=> string(4) "8696" ["revision_id"]=> string(4) "8696" } } } ["field_lien"]=> array(0) { } ["field_complement_d_information"]=> array(1) { ["und"]=> array(1) { [0]=> array(3) { ["value"]=> string(223) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(267) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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["uid"]=> array(2) { ["predicates"]=> array(1) { [0]=> string(16) "sioc:has_creator" } ["type"]=> string(3) "rel" } ["name"]=> array(1) { ["predicates"]=> array(1) { [0]=> string(9) "foaf:name" } } ["comment_count"]=> array(2) { ["predicates"]=> array(1) { [0]=> string(16) "sioc:num_replies" } ["datatype"]=> string(11) "xsd:integer" } ["last_activity"]=> array(3) { ["predicates"]=> array(1) { [0]=> string(23) "sioc:last_activity_date" } ["datatype"]=> string(12) "xsd:dateTime" ["callback"]=> string(12) "date_iso8601" } } ["path"]=> array(1) { ["pathauto"]=> string(1) "1" } ["name"]=> string(0) "" ["picture"]=> string(1) "0" ["data"]=> NULL ["print_html_display"]=> int(1) ["print_html_display_comment"]=> int(0) ["print_html_display_urllist"]=> int(1) ["entity_view_prepared"]=> bool(true) } ["hostEntityId":protected]=> int(10392) ["hostEntityRevisionId":protected]=> bool(false) ["hostEntityType":protected]=> string(4) "node" ["langcode":protected]=> string(3) "und" ["item_id"]=> string(4) "8696" ["revision_id"]=> string(4) "8696" ["field_name"]=> string(15) "field_documents" ["default_revision"]=> string(1) "1" ["archived"]=> string(1) "0" ["entityType":protected]=> string(21) "field_collection_item" ["entityInfo":protected]=> array(25) { ["label"]=> string(21) "Field collection item" ["label callback"]=> string(18) "entity_class_label" ["uri callback"]=> string(16) "entity_class_uri" ["entity class"]=> string(25) "FieldCollectionItemEntity" ["controller class"]=> string(19) "EntityAPIController" ["base table"]=> string(21) "field_collection_item" ["revision table"]=> string(30) "field_collection_item_revision" ["fieldable"]=> bool(true) ["redirect"]=> bool(false) ["entity keys"]=> array(4) { ["id"]=> string(7) "item_id" ["revision"]=> string(11) "revision_id" ["bundle"]=> string(10) "field_name" ["uuid"]=> string(4) "uuid" } ["module"]=> string(16) "field_collection" ["view modes"]=> array(4) { ["full"]=> array(2) { ["label"]=> string(12) "Full content" ["custom settings"]=> bool(false) } ["diff_standard"]=> array(2) { ["label"]=> string(19) "Revision comparison" ["custom settings"]=> bool(false) } ["print"]=> array(2) { ["label"]=> string(5) "Print" ["custom settings"]=> bool(false) } ["token"]=> array(2) { ["label"]=> string(6) "Tokens" ["custom settings"]=> bool(false) } } ["access callback"]=> string(28) "field_collection_item_access" ["deletion callback"]=> string(28) "field_collection_item_delete" ["metadata controller class"]=> string(37) "FieldCollectionItemMetadataController" ["bundles"]=> array(2) { ["field_documents"]=> array(3) { ["label"]=> string(32) "Field collection field_documents" ["admin"]=> array(4) { ["path"]=> string(62) "admin/structure/field-collections/%field_collection_field_name" ["real path"]=> string(49) "admin/structure/field-collections/field-documents" ["bundle argument"]=> int(3) ["access arguments"]=> array(1) { [0]=> string(28) "administer field collections" } } ["rdf_mapping"]=> array(0) { } } 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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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["log"]=> string(0) "" ["status"]=> string(1) "1" ["comment"]=> string(1) "1" ["promote"]=> string(1) "0" ["sticky"]=> string(1) "0" ["vuuid"]=> string(36) "d9a64504-b00a-40c8-839f-7cbc8e955daf" ["nid"]=> string(5) "10392" ["type"]=> string(11) "publication" ["language"]=> string(3) "und" ["created"]=> string(10) "1474027702" ["changed"]=> string(10) "1480342517" ["tnid"]=> string(1) "0" ["translate"]=> string(1) "0" ["uuid"]=> string(36) "813b6a16-f0f5-4c35-b1ce-621336b552b7" ["revision_timestamp"]=> string(10) "1480342517" ["revision_uid"]=> string(1) "1" ["body"]=> array(1) { ["und"]=> array(1) { [0]=> array(5) { ["value"]=> string(1216) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["summary"]=> string(146) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(267) "

For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

" ["safe_summary"]=> string(145) "

This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu ] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

" ["format"]=> string(9) "full_html" ["safe_value"]=> string(1215) "

We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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This paper reviews the arguments for and against the decoupling of capital ratio calculations based on IFRS from those based on Basel II.

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We analyse recent trends in both accounting and regulatory supervision after the financial crisis and identify areas where there are still deficiencies in the transparency of IFRS-based financial reports and regulatory-based capital disclosures and calculations. We find that the variation in disclosure practices across IFRS and BIS-based capital estimations is significant for a sample of major European banks. We also identify how, for a large Swiss bank, variations in IFRS asset and capital bases for capital ratio calculations can make disclosures more transparent. We find evidence that the extent of variation between regulatory-based capital and IFRS-based capital is related to the size of the bank, the extent of off-balance-sheet activities and subordinated debt, the net interest margin, return on assets, value added, and productivity per employee. Variation in disclosure of the leverage ratio is related to bank size, subordinated debt exposure, return on assets, and cost efficiency. We recommend that banks enhance the scope and nature of the reconciliation of IFRS to BIS-based capital ratios to improve the efficiency of markets in reducing information asymmetry about these variations.

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