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Full-Text Articles in Accounting
The Impact Of Switching To International Financial Reporting Standards On United States Businesses, Ashley Harper, Linda Leatherbury, Ana Machuca, Jodee Phillips
The Impact Of Switching To International Financial Reporting Standards On United States Businesses, Ashley Harper, Linda Leatherbury, Ana Machuca, Jodee Phillips
Faculty Publications and Presentations
There has been controversy brewing among accounting professionals regarding the impact of switching to International Financial Reporting Standards (IFRS) on United States corporations as deemed to converge in the near future (Deming, 2005). The viewpoint presented in this paper is that the United States should conform to the international standards primarily because a single set of standards creates uniformity and comparability for stakeholders regardless of their geographic location. This paper addresses the potential advantages and disadvantages of moving to a global set of standards as well as how the Financial Accounting Standards Board (FASB) will need to work with the …
Incorporating Ifrs Into The Us Financial Reporting System, Wing Poon
Incorporating Ifrs Into The Us Financial Reporting System, Wing Poon
Department of Accounting and Finance Faculty Scholarship and Creative Works
The SEC issued the “Commission Statement in Support of Convergence and Global Accounting Standards” in February 2010 to reaffirm its position that IFRS was best positioned to serve as the single set of high-quality globally accepted accounting standards and indicated that its staff would continue its evaluation of IFRS and a determination was expected to be made in 2011 as to whether, when, and how to incorporate IFRS into the financial reporting system for U.S. issuers. However, 2011 has come and gone and the SEC still has not yet made a decision. The SEC has indicated that it will not …
Should The Sec Adopt International Financial Reporting Standards?, Clemense Ehoff Jr., Dov Fischer
Should The Sec Adopt International Financial Reporting Standards?, Clemense Ehoff Jr., Dov Fischer
All Faculty Scholarship for the College of Business
In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S. investors.