“…Researchers find the after-effects of accounting standard harmonization as transparency in accounting statements (Bhat et al, 2016), financial market integration (Dhaliwal et al, 2019), audit efficiency and accuracy (Zhang, 2018) and reduced earnings management (Dayanandan et al, 2016). Thus, a great number of studies explain the nuances of implementing common accounting standards at the firm level (Ipino and Parbonetti, 2017;Onali et al, 2017;Bassemir, 2018;Neel, 2017) and country-level (Juhmani, 2017;Mazzi et al, 2019;Zeng, 2019;Guermazi and Halioui, 2020), but do not explain the spread of IFRS across countries over time. Dufour et al (2014) note that a majority of IFRS studies focus on IFRS adoption and ignores IFRS diffusion.…”