Title

IFRS in the United States: If, When and How

Document Type

Article

Publication Date

9-2012

Publication Source

Australian Accounting Review

Abstract

This paper provides an overview of the convergence efforts of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board. It begins with their 2002 Memorandum of Understanding and traces developments up to the December 2011 announcement by the IASB Chair that convergence has come to a close, and it is now time to incorporate IFRS into the US financial reporting system. The paper then assesses approaches being considered by the SEC for incorporating IFRS into the US financial reporting model. The conclusion calls on the SEC to ‘make a decision’ and set a date for US adoption of IFRS. Otherwise, the SEC effectively will have abandoned its goal of a single set of high quality global accounting standards.

Inclusive pages

257-274

ISBN/ISSN

1835-2561

Comments

Copyright © 2012, John Wiley & Sons.

Publisher

John Wiley & Sons

Volume

22

Issue

3

Peer Reviewed

yes