An Investigation into the Potential Adoption of International Financial Reporting Standards in the United States: Implications and Implementation

2016 ◽  
Vol 26 (1) ◽  
pp. 45-65 ◽  
Author(s):  
Aldys Tan ◽  
Bikram Chatterjee ◽  
Victoria Wise ◽  
Mahmud Hossain
Keyword(s):  
United States ◽  
Financial Reporting ◽  
The United States ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards

scholarly journals The Impact Of International Financial Reporting Standards On Accounting Curriculum In The United States

2011 ◽  
Vol 4 (1) ◽  
Author(s):  
JeRamMohan R. Yallapragadarry ◽  
Alfred G. Toma ◽  
C. William Roe
Keyword(s):  
United States ◽  
Financial Reporting ◽  
Business Schools ◽  
The United States ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Accounting Curriculum ◽  
The Us ◽  
The Impact

According to the time line presently specified by the Securities and Exchange Commission (SEC), business firms in the United States (US) should switch from the existing US accounting reporting guidelines of the Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) by the year 2014.  The US business school graduates and accounting professionals have less than four years to understand the differences between the two accounting systems, and to learn how to implement the new International Accounting Standards.  But many of the business schools in the US are not yet ready to include the new IFRS standards in their accounting curriculum. In many schools, administrators do not have any understanding of how to incorporate the new standards in their curriculum. Many European countries shifted to IFRS as early as 2005.  They are ahead of the US in teaching IFRS to their students. The main problems in incorporating IFRS in the curriculum include lack of good textbooks and providing training for professors to learn IFRS procedures so that they can teach them to their students. This paper makes an effort in presenting the historical background of IFRS, and the impact of the adapting of IFRS on US business schools.

scholarly journals THE FUTURE OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS IN THE UNITED STATES: CONSIDERATIONS ON THE CRITICAL QUESTION

2019 ◽  
Vol 34 (1) ◽  
pp. 37-48
Author(s):  
Hristina Oreshkova
Keyword(s):  
United States ◽  
Financial Reporting ◽  
Accounting Standards ◽  
The United States ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Critical Question ◽  
Financial Reporting Standards ◽  
The U.S ◽  
Strategic Goal

In the present article a subject matter that has attracted great interest over the recent decades is discussed. The critical question of the likelihood of adopting the International Financial Reporting Standards in the United States has raised a lot of debates around the world. The problem has been the focus of long-lasting and profound deliberations among both scientific and professional community.Our research found out that the strategic goal of reaching one single set of global accounting standards through the project of convergence developed by the most influential Boards in the world – the International Accounting Standards Board located in London with second headquarters in Tokyo, and the U.S. Financial Accounting Standards Board has not been achieved. It is appropriate to emphasize that the realisation of the convergence project began in 2002 as a result of the Norwalk agreement achieved in September 2002, Norwalk, Connecticut, USA. However, it is increasingly recognized that the era of convergence is coming to an end.Prominent scholars argue that the strategic goal turned out to be neither practical nor achievable in the foreseeable future. For the time being the authorized American institutions do not intend to fully adopt the International Financial Reporting Standards as issued by the IASB into the U.S. financial reporting system. Moreover the authoritative organizations in the United States attempt to continue keeping in line with specifics of the U.S. business environment. It is assumed that the Securities and Exchange Commission will never perhaps risk causing a political storm by yielding the control on its accounting to an institution outside the USA.An essential reason that causes inconveniences in the implementation of the IASB’s accounting standards and the principles is that the accounting standards interact in different ways with national laws, social and ethic codes, domestic fiscal rules and guidelines, and that is unavoidable. However, in each state and jurisdiction the interaction has its essentials and specifics. Complications may arise out of the local tradition, culture and historical continuity in performing accounting as a practice as well as by the legal doctrine and the degree of their interrelation. No less important are the essence and peculiarities of the national legal and accounting system, the extent of cultural impacts on the contemporary development of accounting as well as the principles on the basis of which the systems of state authority are established, interact and function.

scholarly journals Wereldstandaard financiële verslaggeving: IFRS of US GAAP?

2002 ◽  
Vol 76 (12) ◽  
pp. 565-573
Author(s):  
Ruud Vergoossen ◽  
Frans Van Der Wel
Keyword(s):  
United States ◽  
Financial Reporting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
Accounting Principles ◽  
Verenigde Staten ◽  
Us Gaap

De roep om een wereldstandaard voor de financiële verslaggeving is groot. De Europese Unie heeft gekozen voor de International Financial Reporting Standards (IFRS) die in 2005 worden ingevoerd, terwijl de Verenigde Staten blijven vasthouden aan de United States Generally Accepted Accounting Principles (US GAAP). Dit artikel gaat in op de implementatie van de IFRS in de Europese Unie en de obstakels die een consistente interpretatie en toepassing van de IFRS in de weg kunnen staan. Daarna worden de IFRS vergeleken met de US GAAP en komt de positie van de IFRS in de Verenigde Staten aan de orde. In een korte slotbeschouwing wordt een drietal scenario’s geschetst om te komen tot een wereldstandaard. Het scenario waarbij de IFRS en de US GAAP naar elkaar toegroeien, lijkt, gegeven de omstandigheden, het meest realistisch en wenselijk (convergentiestrategie).

scholarly journals International Financial Reporting Standards and Earnings Management in Latin America

2016 ◽  
Vol 20 (3) ◽  
pp. 368-388 ◽  
Author(s):  
Alex Augusto Timm Rathke ◽  
Verônica de Fátima Santana ◽  
Isabel Maria Estima Costa Lourenço ◽  
Flávia Zóboli Dalmácio
Keyword(s):  
United States ◽  
Latin America ◽  
Earnings Management ◽  
Latin American ◽  
Financial Reporting ◽  
The United States ◽  
Reporting Standards ◽  
Anglo Saxon ◽  
Financial Reporting Standards ◽  
Cross Listing

Abstract This study analyzes the level of earnings management in Latin America after the adoption of the International Financial Reporting Standards (IFRS) and analyzes the role of cross-listing in the United States. The literature on earnings management in less developed countries is still under construction, and few studies focus on this issue, especially with respect to Latin America, despite its relevant role in the global economy. This paper fills this gap in the literature as it analyzes the level of IFRS earnings management regarding the first and main Latin American countries applying IFRS (Brazil and Chile), when compared to the main Anglo-Saxon countries with IFRS tradition (United Kingdom and Australia), and with the main Continental European economies (France and Germany). The results show that Latin American firms present a higher level of earnings management than Continental European and Anglo-Saxon firms, and this opportunistic behavior remains significant when only global players with cross-listing in the United States are analyzed. Thus, even with a unique set of high quality accounting standards (IFRS) and strong reporting incentives, countries' specific characteristics still play an important role in the way IFRS is implemented in each country.

scholarly journals Genesis of the Definition “Goodwill” as Economical Category: International and Russian Aspect

2019 ◽  
Vol 62 ◽  
pp. 01004
Author(s):  
O.A. Kuzmenko ◽  
A.M. Dyachkova-Politi
Keyword(s):  
United States ◽  
Financial Reporting ◽  
Russian Federation ◽  
The United States ◽  
Reporting Standards ◽  
Historical Trends ◽  
Financial Reporting Standards ◽  
Accounting Practice ◽  
Russian Aspect ◽  
Further Development

The article is devoted to formation of the definition “Goodwill” in Russian accounting practice based on historical trends, regulations and standards. During the research the definition was explored from legal stand point, were considered major milestones in its development and, as a result, it was concluded that further development will be necessary due to acceptance of the International Financial Reporting Standards on territory of Russian Federation. It compares experience of the United States and Russia in regulation of the definition and its realization and recognition in financial reporting. As an economic category goodwill have gone through development of the definition reputation to the leading indicator of the company’s stability in merger and acquisition process. From this position, usage of goodwill in consolidated financial reporting is crucial and requires development of the mechanisms for implementation and guardianship of the intangible assets, its proper amortization and impairment.

Pengaruh Konvergensi International Financial Reporting Standards (Ifrs) Terhadap Penghindaran Pajak(Tax Avoidance)

2018 ◽  
Vol 26 (2) ◽  
pp. 158-169
Author(s):  
Umi Wahidah ◽  
Sri Ayem
Keyword(s):  
Financial Reporting ◽  
Tax Evasion ◽  
Stock Exchange ◽  
Control Variable ◽  
Tax Avoidance ◽  
Sampling Technique ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Control Variables ◽  
Financial Reporting Standards

This research aimed to examine the effect of the convergence of International Financial Reporting Standards (IFRS) on tax avoidance on companies listed in Indonesia Stock Exchange. Tax avoidance that used in this research was Cash Efective Tax Rate (CETR). This research is also use the control variable to get other different influence that different such as CSR, size, and earning management (EM. This research used populations sector of transport service companies that listed in Indonesia Stock Exchange. The data of this research taken from secondary data that was from the Indonesia Stock Exchange in the form of Indonesian Capital Market Directory (ICMD) and the annual report of the company 2011-2015. The method of collecting sample was purposive sampling technique, the population that to be sampling in this research was populations that has the criteria of a particular sample. Companies that has the criteria of the research sample as many as 78 companies. The method of analysis used in this research is multiple regression analysis. Based on regression testing shows that the convergence of International Financial Reporting Standards (IFRS) has a positiveand significant impact on tax evasion. This shows that IFRS convergence actually improves tax evasion practices. The control variables of firm size and earnings management also significantly influence the application of IFRS in improving tax avoidance practices, while CSR control variables have no role in convergence IFRS in improving tax evasion practice.

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