> Details

Jamal, Karim [Author] ; Benston, George J. [Other]; Carmichael, Douglas R. [Other]; Christensen, Theodore E. [Other]; Colson, Robert H. [Other]; Moehrle, Stephen R. [Other]; Rajgopal, Shivaram [Other]; Stober, Thomas L. [Other]; Sunder, Shyam [Other]; Watts, Ross L. [Other]

A Perspective on the SEC's Proposal to Accept Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) Without Reconciliation to U.S. GAAP

Reference
management

Bookmarks

Remove from
bookmarks

Share this on Whatsapp

Close

Bookmarks



You can manage bookmarks using lists, please log in to your user account for this.
  • Media type: E-Book
  • Title: A Perspective on the SEC's Proposal to Accept Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) Without Reconciliation to U.S. GAAP
  • Contributor: Jamal, Karim [Author]; Benston, George J. [Other]; Carmichael, Douglas R. [Other]; Christensen, Theodore E. [Other]; Colson, Robert H. [Other]; Moehrle, Stephen R. [Other]; Rajgopal, Shivaram [Other]; Stober, Thomas L. [Other]; Sunder, Shyam [Other]; Watts, Ross L. [Other]
  • imprint: [S.l.]: SSRN, [2013]
  • Extent: 1 Online-Ressource (17 p)
  • Language: English
  • DOI: 10.2139/ssrn.1020408
  • Identifier:
  • Origination:
  • Footnote: In: Accounting Horizons, Vol. 22, No. 2, 2008
    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 7, 2007 erstellt
  • Description: The Securities and Exchange Commission (SEC) recently issued a call for comment on a proposal to accept financial statements prepared in accordance with international financial reporting standards (IFRS) without reconciliation to U.S. GAAP. Accounting researchers have attempted to assess the quality of IFRS using different methods and criteria. While we are skeptical of drawing direct conclusions about the SEC's proposal based on this research, there is adequate evidence that both IFRS and U.S. GAAP provide useful information to investors and other users of financial statements. Moreover, we see no conclusive research evidence that financial reports prepared using U.S. GAAP are better than reports prepared using IFRS. The prudent approach when faced with alternatives with no clear difference in quality is to promote competition among them, which supports adopting the SEC's proposal to permit foreign private issuers a choice between IFRS and U.S. GAAP. Therefore, to help improve U.S. and international GAAP through standards-setting competition, we recommend that the Commission also consider extending the choice of IFRS to U.S. companies, and require all companies to indicate clearly whether they are filing under U.S. GAAP or IFRS. Finally, we recommend that the Commission and its staff investigate and seek feedback on the educational consequences of its proposed actions. This attention will help educators better prepare future professionals to implement these proposed regulatory changes
  • Access State: Open Access