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
Publisher
John Wiley & Sons
Volume
22
Issue
3
Peer Reviewed
yes
eCommons Citation
Street, Donna L., "IFRS in the United States: If, When and How" (2012). Accounting Faculty Publications. 18.
https://ecommons.udayton.edu/acc_fac_pub/18
Comments
Copyright © 2012, John Wiley & Sons.