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An investigation into the potential adoption of international financial reporting standards in the United States: implications and implementation

Citation

Tan, A and Chatterjee, B and Wise, V and Hossain, M, An investigation into the potential adoption of international financial reporting standards in the United States: implications and implementation, Australian Accounting Review, 26, (1) pp. 45-65. ISSN 1835-2561 (2016) [Refereed Article]

Copyright Statement

Copyright 2016 CPA Australia

DOI: doi:10.1111/auar.12081

Abstract

International Financial Reporting Standards (IFRS) have been adopted by most of the G20 countries. Given the broad worldwide acceptance of IFRS and significance of attaining comparability to facilitate free flow of capital, the US standard setter, the Financial Accounting Standards Board (FASB) made a commitment to jointly work with the International Accounting Standards Board (IASB) to explore the possibilities of convergence of US Generally Accepted Accounting Principles (GAAP) with IFRS. In 2007, the US Securities and Exchange Commission (SEC) eliminated the requirement that foreign companies listed on the US stock exchanges reconcile their IFRS-based financial statements with the US GAAP. In the same year the US SEC issued a concept release to the public requesting comments on a proposal to allow US issuers to prepare financial statements in accordance with IFRS. Following these initiatives by the FASB and SEC, the aim of the present study is to investigate the implications of a potential full adoption of IFRS by the US. The present study details the challenges and benefits of adoption and outlines the steps required for a successful outcome of this process.

Item Details

Item Type:Refereed Article
Keywords:IFRS, U.S
Research Division:Commerce, Management, Tourism and Services
Research Group:Accounting, auditing and accountability
Research Field:International accounting
Objective Division:Commercial Services and Tourism
Objective Group:Property, business support services and trade
Objective Field:Professional, scientific and technical services
UTAS Author:Chatterjee, B (Dr Bikram Chatterjee)
ID Code:135576
Year Published:2016
Web of Science® Times Cited:7
Deposited By:Accounting and Corporate Governance
Deposited On:2019-11-02
Last Modified:2019-12-12
Downloads:0

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