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The Globalization Of Accounting Standards : Ifrs Versus Us Gaap

Author

Listed:
  • Anne B. Fosbre
  • Ellen M. Kraft
  • Paul B. Fosbre

Abstract

The movement of business toward a global economy has accelerated the need to move toward global accounting standards. Two recent decisions by the United States Securities and Exchange Commission, SEC, have had a major impact on the issue of converging US GAAP and international accounting standards. This paper examines the implications of the SEC decision to allow foreign companies to use IFRS in financial reporting without reconciliation to US GAAP on investors, multinational corporations, and global financial reporting. The decision of the SEC to unite world regulators on the convergence of global accounting standards is also reviewed. The European Commission, the Japan Financial Services Agency, and the International Organization of Securities Commission, IOSC are to be included in the International Accounting Standards Committee Foundation IASCF in an IASCF Monitoring Group (SEC ,2008). Differences between IFRS and US GAAP are examined. The authors’ conclusion is that it is both timely and necessary to converge and harmonize IFRS and US GAAP into a single set of Global Accounting Standards. This will lead to a more stabilized and prosperous world economy and it will help to resolve many of the world’s financial reporting problems.

Suggested Citation

  • Anne B. Fosbre & Ellen M. Kraft & Paul B. Fosbre, 2009. "The Globalization Of Accounting Standards : Ifrs Versus Us Gaap," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 3(1), pages 61-71.
    • Handle: RePEc:ibf:gjbres:v:3:y:2009:i:1:p:61-71
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    Citations

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    Cited by:

    1. Burca Valentin, PhD candidate & Assist.Nagy Mariana, PhD professor, 2014. "Clusters Describing Ifrs Adoption Stage," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(23), pages 15-30, November.
    2. Peter Harris, 2011. "Should Last In First Out Inventory Valuation Methods Be Eliminated?," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 5(4), pages 53-67.
    3. Kateřina Knorová, 2016. "Do Czech Companies Disclose Revenue in Accordance with IFRS Requirements?," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2016(3), pages 69-84.
    4. Albert D. Spalding, Jr, 2011. "Mark-To-Market And The Widening Gap Between Financial And Tax Accounting," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 5(1), pages 125-137.
    5. Aldys Tan & Bikram Chatterjee & Victoria Wise & Mahmud Hossain, 2016. "An Investigation into the Potential Adoption of International Financial Reporting Standards in the United States: Implications and Implementation," Australian Accounting Review, CPA Australia, vol. 26(1), pages 45-65, March.
    6. Monica Singhania & P. K. Gupta, 2011. "Globalisation of accounting standards and competitive posture of Indian companies," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 59(2), pages 279-290.
    7. M. P. Afanasiev & N. N. Shash, 2023. "New Information in Financial Disclosures Related to Sustainable Development in the Concept of ESG (Version IFRS)," Studies on Russian Economic Development, Springer, vol. 34(5), pages 696-703, October.
    8. Valentin Burca & Teodor-Florin Cilan, 2013. "Multinational’s Influence in Decision to Adopt IAS/IFRS," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 13(1), pages 35-48.

    More about this item

    JEL classification:

    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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