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IFRS in the United States: If, When and How
Author(s) -
Street Donna L.
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.1835-2561.2012.00183.x
Subject(s) - accounting , memorandum , international financial reporting standards , business , convergence (economics) , financial accounting , quality (philosophy) , accounting standard , set (abstract data type) , accounting information system , economics , political science , computer science , law , macroeconomics , philosophy , epistemology , programming language
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.