We are able to obtain information about the adoption status for 92 jurisdictions and 552 country-years, as shown in appendix B. We treat the 27 countries that compose the member states of the EU, as well as Norway and Iceland , which are subject to the European IAS regulation as members of the EEA , as one observation. This treatment reflects the fact that in 2002 the EU and the EEA made a joint decision to adopt IFRS by 2005 (Commission of the European Communities 2008); i.e.,adoption of IFRS by EU and EEA member states was not made on a country-by-country basic