IFRS in the United States: If, When and How

Australian Accounting Review

Volumn 22, Issue 3, 2012, Pages 257-274

  Street, Donna L ^a  

^a UNIVERSITY OF DAYTON   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84866753561     PISSN: 10356908     EISSN: 18352561     Source Type: Journal    
DOI: 10.1111/j.1835-2561.2012.00183.x     Document Type: Article

References (60)

1. AICPA 2008, 'AICPA Council Votes to Recognize the International Accounting Standards Board as a Designated Standard Setter', News Release, 18 May. Available at: http://www.ifrs.com/updates%5Caicpa%5CPress_Release_May18.html, last accessed 28 June 2012.
2. AICPA 2011, 'Comment Letter to the SEC', 17 August, Available at: http://www.aicpa.org/press/pressreleases/downloadabledocuments/aicpacomment%20letter_ifrs%20work%20planfinal.pdf, last accessed 14 August 2012.
3. Allstate 2010, 'Comment Letter to the SEC Re: File No. 4-608: Notice of Solicitation of Public Comment on Consideration of Incorporating IFRS into the Financial Reporting System for US Issuers', 19 October. Available at: http://www.sec.gov/comments/4-608/4608-28.pdf, last accessed 28 June 2012.
4. Australian Government and AASB 2009, 'IFRS Adoption in Australia', September. Available at: http://www.aasb.gov.au/admin/file/content102/c3/IFRS_adoption_in_Australia_Sept_2009.pdf, last accessed 14 August 2012.
5. Bruce, R. 2011, 'The Route for the Largest US Corporates', 19 October. Available at: http://www.iasplus.com/en/news/2011/October/news28, last accessed 28 June 2012.
6. Campos, R.C. 2007, 'Speech by SEC Commissioner: Remarks before the IOSCO Conference, Mumbai, India', 12 April. Available at: http://www.sec.gov/news/speech/2007/spch041207rcc.htm, last accessed 28 June 2012.
7. Canadian Bankers Association 2011, 'Comment Letter to SEC Re: File No. 4600 Commission Statement in Support of Convergence and Global Accounting Standards', 29 July. Available at: http://www.sec.gov/comments/4-600/4600-104.pdf, last accessed 14 August 2012.
8. CICA 2012, 'International Financial Reporting Standards (IFRSs)'. Available at: http://www.cica.ca/applying-the-standards/ifrs/index.aspx, last accessed 28 June 2012.
9. Cohn, M. 2011, 'FASB Chair Seidman Favors "Condorsement" Approach', Accounting Today, 24 October. Available at: http://www.accountingtoday.com/news/FASB-Chair-Leslie-Seidman-Condorsement-Approach-60594-1.html, last accessed 28 June 2012.
10. Crump, R. 2012, 'World is Waiting as US Dithers over IFRS', Accountancy Age, 25 April. Available at: http://www.accountancyage.com/aa/news/2170089/world-waiting-dithers-ifrs#ixzz1w43ioi00, last accessed 28 June 2012.
11. Defelice, A. and Lamoreaux, M.G. 2010, 'No IFRS Requirement Until 2015 or Later Under New SEC Timeline', Journal of Accountancy, 24 February. Available at: http://www.journalofaccountancy.com/Web/20102656.htm, last accessed 28 June 2012.
12. Deloitte 2011, 'IFRSs Eve? SEC Receives Comments on Potential Method of Incorporating IFRSs Into US Reporting System', Heads Up, 18, 35. Available at: http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/AERS/ASC/us_aers_headsup_110811.pdf, last accessed 28 June 2012.
13. Erchinger, H. 2012, 'IFRS in the United States - Developments and Current Status', Australian Accounting Review, 22, 3: 248-256.
14. Erhardt, J.A. 2005, 'Remarks before Convergence: The Future of International Financial Reporting Worldwide', Speech by SEC staff, London, UK, June 2004. Available at: http://www.sec.gov/news/speech/spch062405jae.htm, last accessed 28 June 2012.
15. FAF 2007, 'Comment Letter to the SEC', 7 November, Available at: http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocument-Page&cid=1176156307114, last accessed 28 June 2012.
16. FAF 2011, 'Comment Letter to the SEC', 15 November. Available at: http://www.sec.gov/comments/4-600/4600-158.pdf, last accessed 28 June 2012.
17. Gordon, M. 2008, 'SEC Proposes International Accounting Plan', AP News Wire, 27 August. Available at: http://www.usatoday.com/money/economy/2008-08-27-1691019477_x.htm, last accessed 28 June 2012.
18. Hoogerverst, H. 2012, 'The Imprecise World of Accounting', Speech at the IAAER Conference in Amsterdam Available at: http://www.ifrs.org/Alerts/Conference/HH+speech+Amsterdam+June+2012.htm, last accessed 28 June 2012
19. IASB 2012, 'IFRS, Derecognition Disclosures'. Available at: http://www.ifrs.org/Current+Projects/IASB+Projects/Derecognition/Derecognition.htm last accessed 28 June 2012.
20. IASB and FASB 2002, 'Memorandum of Understanding (The Norwalk Agreement)', 29 October. Available at: http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocumentPage&cid=12182200-86560, last accessed June 28.
21. IASB and FASB 2006, 'A Roadmap for Convergence between IFRSs and US GAAP 2006-2008, Memorandum of Understanding between the FASB and the IASB', 27 February. Available at: http://www.ifrs.org/NR/rdonlyres/874B63FB-56DB-4B78-B7AF-49BBA18C98D9/0/MoU.pdf. last accessed 28 June 2012.
22. IASB and FASB 2008a, 'Information for Observers, Completing the February 2006 Memorandum of Understanding: Developing a Progress Report and Timetable for Convergence between IFRSs and US GAAP ¶3' (Agenda Paper 3), Board meeting 21 April, Available at: http://www.iasb.org/NR/rdonlyres/EDE9142B-E772-4945-97F4-77E78A383DE3/0/0804j03obs.pdf, last accessed 28 June 2012.
23. IASB and FASB 2008b, 'Completing the February 2006 Memorandum of Understanding: A Progress Report and Timetable for Completion', September. Available at: http://www.ifrs.org/NR/rdonlyres/C1DD5259--4011-4715-A807--1FD71858D37C/0/Memorandum_of_Understanding_progress_report_and_timetable.pdf, last accessed 28 June 2012.
24. IASB and FASB 2009, 'FASB and IASB Reaffirm Commitment to Memorandum of Understanding - A Joint Statement of the FASB and IASB', 5 November. Available at: http://www.ifrs.org/NR/rdonlyres/0AE63429-BCF3-461A-8B5D-3948732CDDC2/0/%20JointCommunique_October2009FINAL4.pdf, last accessed 28 June 2012.
25. IASB and FASB 2010, 'Update to G20 Leaders on Modified Convergence Strategy', 2 June. Available at: http://www.ifrs.org/News/Announcements+and+Speeches/update+to+G20+on+modified+convergence+strategy.htm, last accessed 28 June 2012.
26. IASB and FASB 2012, 'Joint Update Note from the IASB and FASB on Accounting Convergence Note from IASB on Governance Enhancements', April. Available at: http://www.financialstabilityboard.org/publications/r_120420d.pdf, last accessed 28 June 2012.
27. IASplus 2012, 'On 19 and 20 April 2012, the G20 Finance Ministers and Central Bank Governors Met in Washington DC to Assess Progress on the Financial Regulatory Reforms', 22 April. Available at: http://www.iasplus.com/en/news/2012/april/results-from-the-meeting-of-the-g20-finance-ministers-and-central-bank-governors, last accessed 28 June 2012.
28. IFRS Foundation 2010, 'IFRS Foundation Constitution'. Available at: http://www.ifrs.org/NR/rdonlyres/B611DD9A-F4FB-4A0D-AEC9-0036F6895BEF/0/Constitution2010.pdf, last accessed 15 August 2012.
29. IFRS Foundation 2012, 'IFRS Foundation Strategy Review Summary and Planned Actions Briefing Note for the Financial Stability Board', April.
30. Johnson, S. 2009, 'SEC Pushes Back IFRS Roadmap', CFO Magazine, 4 February. Available at: http://www.cfo.com/article.cfm/13056185, last accessed 28 June 2012.
31. Johnson, S. 2012a, 'SEC Seen Mulling Weaker Role for FASB', CFO Magazine, 21 February. Available at: http://www3.cfo.com/article/2012/2/gaap-ifrs_sec-ifrs-plan-endorsement, last accessed 28 June 2012.
32. Johnson, S. 2012b, 'Foot-Dragging on IFRS Decision Could Strip SEC of Power', CFO Magazine, 13 February 13. http://www.cfo.com/article.cfm/14618404, last accessed 28 June 2012.
33. Journal of Accountancy 2011, 'FASB, IASB Chiefs Agree New Convergence Model Is Needed', 6 December. Available at: http://www.journalofaccountancy.com/Web/20114869.htm, last accessed 28 June 2012.
34. Lamoreaux, M.G. 2010, 'SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011', Journal of Accountancy, 27 April.
35. Larson, R.K. and Street, D.L. 2006, 'The "Roadmap" to Global Accounting Convergence: Europe Introduces "Speed Bumps"', CPA Journal, October, 36-43. Available at: http://www.nysscpa.org/cpajournal/2006/1006/essentials/p36.htm, last accessed 28 June 2012.
36. Lynch, S. and Clarke, D. 2012, 'SEC Chief Resists Pressure on Global Accounting', 24 February. Available at: http://www.reuters.com/article/2012/02/24/us-sec-accounting-idUSTRE81N1GJ20120224, last accessed 28 June 2012.
37. Maijoor, S. 2012, 'ESMA Chairman Steven Maijoor Urges US to Decide on IFRS Adoption Soon, Keynote Presentation at 35th Annual Congress of the European Accounting Association in Ljubljana', 11 May. Available at: http://www.iasplus.com/en/news/2012/may/esma-chairman-steven-maijoor-urges-us-to-decide-on-ifrs-adoption-soon, last accessed 28 June 2012.
38. Nobes, C. and Zeff, A. 2010, 'Has Australia (or Any Other Jurisdiction) Adopted IFRS Australian Accounting Review, 20, 2: 178-184.
39. Rapoport, M. 2011, 'US Firms Clash Over Accounting Rules', Wall Street Journal, 6 July.
40. Rapoport, M. 2012, 'US Nears Accounting Shift', Wall Street Journal, 21 February. Available at: http://online.wsj.com/article/SB1000142405270230398250457642809115-3200076.html, last accessed 14 August 2012.
41. Schapiro, M. 2010, 'Chairman Schapiro Statement on FASB-IASB Decision to Modify Timing of Certain Convergence Projects', SEC press release 2010-96. Available at: http://www.sec.gov/news/press/2010/2010-96.htm, last accessed 28 June 2012.
42. SEC 2007a, 'Acceptance from Foreign Private Issuers of Financial Statements Prepared with International Financial Reporting Standards without Reconciliation to US GAAP', Proposed Rule, 3 July. Available at: http://www.sec.gov/rules/final/2008/33-8879fr.pdf, last accessed 15 August 2012.
43. SEC 2007b, 'Concept Release on Allowing US Issuers to Prepare Financial Statements in Accordance with International Financial Reporting Standards (Corrected)', 7 August. Available at: http://www.sec.gov/rules/concept/2007/33-8831.pdf, last accessed 28 June 2012.
44. SEC 2007c, 'SEC Takes Action to Improve Consistency of Disclosure of US Investors in Foreign Companies', 15 November. Available at: http://www.sec.gov/news/press/2007/2007-235.htm, last accessed 28 June 2012.
45. SEC 2008, 'Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by US Issuers, Securities Act Release No. 8982, Exchange Act Release 58, 960, 73 Fed. Reg. 70, 816', proposed 21 November (to be codified at 17 C.F.R. pts. 210, 229, 230, 240, 244, & 249). Available at: http://www.sec.gov/rules/proposed/2008/33-8982.pdf, last accessed 28 June 2012.
46. SEC 2009, 'Office of the Chief Accountant, United States Securities and Exchange Commission, Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for US Issuers', February. Available at: http://www.sec.gov/spotlight/globalaccountingstandards/globalaccountingstandards.pdf, last accessed 28 June 2012.
47. SEC 2010a, 'Office of the Chief Accountant, Division of Corporation Finance, United States Securities and Exchange Commission, Progress Report, Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for US Issuers' 29 October. Available at: http://www.sec.gov/spotlight/globalaccountingstandards/workplanprogress102910.pdf, last accessed 28 June 2012.
48. SEC 2010b, 'Commission Statement in Support of Convergence and Global Accounting Standards', Release nos. 33-9109; 34-61578, February. Available at: http://www.sec.gov/rules/other/2010/33-9109.pdf, last accessed 28 June 2012.
49. SEC 2011, 'Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for US Issuers Exploring a Possible Method of Incorporation', 26 May. Available at: http://www.sec.gov/spotlight/globalaccountingstandards.shtml, last accessed 28 June 2012.
50. Stevenson, K. 2012, 'The Changing IASB and AASB Relationship', Australian Accounting Review, 22, 3: 239-243.
51. Street, D.L. 2005, G4 + 1 from the Inside: Its Role in the Evolution of the International Accounting Standard Setting Process, Institute of Chartered Accountants in England and Wales.
52. Street, D.L. 2011, 'Criteria for an Independent Accounting Standard Setter: How Does the IASB Rate?', Council of Institutional Investors white paper (CII), June. Available at: http://www.cii.org/UserFiles/file/June%202011%20White%20Paper%20-%20Intl%20Accting%20Standards%20FINAL.pdf, last accessed 28 June 2012.
53. Street, D.L. and Linthicum, C. 2007, 'IFRS in the US. It May Come Sooner Than You Think', Journal of International Accounting Research, 6, 1: xi-xvii.
54. Street, D.L. and Shaughnessy, K.A. 1998, 'The Quest for International Accounting Harmonization: A Review of the Accounting Standard Setting Agendas of the IASC, US, UK, Canada, and Australia, 1973-1997', The International Journal of Accounting, 33, 2: 179-209.
55. Tarca, A. 2005, 'Update on the Standard Setting Environment', In Accounting Theory Update, J. Godfrey (ed.), John Wiley & Sons Australia Limited.
56. Tax Adviser 2012, 'President's Budget Proposes AMT Elimination, Tax Reform', 13 February. Available at: http://www.aicpa.org/interestareas/tax/newsandpublications/taxnews/pages/20120213.aspx, last accessed 28 June 2012.
57. Tysiac, K. 2012, 'Tweedie: US Decision is Key to Future of International Standards', Journal of Accountancy, 25 April. Available at: http://www.journalofaccountancy.com/News/20125591.htm, last accessed 28 June 2012.
58. Walter, E.B. 2010, 'Speech by SEC Commissioner: Commission Statement in Support of Convergence and Global Accounting Standards', 24 February. Available at: http://www.sec.gov/news/speech/2010/spch022410ebw-ifrs.htm, last accessed 28 June 2012.
59. Walter, E.B. 2012, 'Speech by SEC Commissioner: Remarks before the Financial Accounting Foundation's 2012 Annual Board of Trustees Dinner', 22 May, Available at: http://www.sec.gov/news/speech/2012/spch052212ebw.htm, last accessed 28 June 2012.
60. Zeff, S. 2008, 'IFRS Developments in the USA and EU, and Some Implications for Australia', Australian Accounting Review, 18, 4: 275-82.