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The Impact in the United States of Global Adoption of IFRS
Author(s) -
Street Donna L.
Publication year - 2008
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2008.0025.x
Subject(s) - accounting , blueprint , commission , business , ideal (ethics) , convergence (economics) , international financial reporting standards , quality (philosophy) , set (abstract data type) , issuer , economics , finance , computer science , political science , law , macroeconomics , engineering , programming language , mechanical engineering , philosophy , epistemology
This paper presents the pros and cons of the use of IFRS by US companies. The quest for one set of high‐quality accounting standards recognised globally is clearly the ideal goal. However, before making a decision on the use of IFRS in the United States (US), the Securities Exchange Commission (SEC) should develop a blueprint to ensure that prerequisites for achieving a true global standard are satisfied and that convergence will continue. An ‘improve and then adopt’ approach appears to represent the best way forward for the US.