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Navigating with the IFRS convergence roadmap
Author(s) -
Cheng Kang
Publication year - 2009
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.20526
Subject(s) - accounting , convergence (economics) , commission , international financial reporting standards , business , european commission , economics , finance , international trade , macroeconomics , european union
The Securities and Exchange Commission (SEC) has been moving toward letting U.S. firms prepare financial statements using International Financial Reporting Standards (IFRSs), “converging” U.S. and international reporting standards. Even firms not otherwise involved in international trade may have to follow IFRSs. The author takes a close look at the SEC's proposed convergence road map, discusses the possible effects of IFRS convergence, pinpoints issues and concerns, and examines strategies to handle the changes ahead. © 2009 Wiley Periodicals, Inc.