Controlling for simultaneous price movements on the US market has an important effect on the findings of Armstrong et al (2010). Before making this adjustment the results tend to show negative price reactions to news that makes adoption of IFRS as issued by the IASB more likely, and positive reactions to news that makes it less likely. None of the price reactions to individual events is statistically significant, but the overall positive reaction, taking the 16 events as a whole and after adjusting for simultaneous price movements on the US market, is statistically significant.