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Commentary: The US and IFRS: Which Way Ahead?
Author(s) -
SingletonGreen Brian
Publication year - 2012
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.1835-2561.2011.00162.x
Subject(s) - comparability , surrender , accounting , china , politics , political science , power (physics) , business , set (abstract data type) , law , computer science , physics , mathematics , combinatorics , quantum mechanics , programming language
Standard setters, SEC staff and distinguished academics joined together at a panel session of the American Accounting Association meeting in Denver in August 2011 to discuss what course the United States (US) should take with regard to the adoption of IFRS. Panellists drew attention to the political dimensions of the decision. While it might be politically unattractive for the US to surrender some of its power to set its own standards, it would also be unattractive for the US to stay on the sidelines while important international agreements were made. Panellists also looked at developments in the adoption and implementation of IFRS around the world, drew attention to important uncertainties in countries such as China and India, and questioned how far global uniformity was a realistic objective; comparability might be a more sensible goal.