Some might argue that IFRS tends to cause low-quality financial reporting because Benston (2006) points out that IFRS might lead to lenient earnings management, and therefore Companies can make a lot of accrual adjustments when calculating net income. Namely, the lack of earnings oversight would increase the risk of intentionally influencing the financial reporting process to achieve private gains through self-interest in order to mislead stakeholders about the underlying performance of companies and organizations. However, based on empirical studies, Jeanjean and Stolowy (2006) make a strong argument by analyzing the income distribution in Australia and the UK whether companies have managed capital to avoid losses after implementing IFRS. Furthermore, the data indicated that the situation remained stable in both countries. Similarly, another study showed that, although less controlled, there was no distinction between businesses in Ireland and Northern Europe (Aussenegg et al., 2008). Furthermore, Tendeloo and Vanstraelen (2005) stated that although (German) IFRS adopters may not be associated with poorer earnings management, there is still a marked reduction in audit manipulation of earnings by accountants. Overall, these results demonstrated that the transition to IFRS was not a major incentive to cause the crisis