Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 20, 2023 erstellt
Description:
This paper investigates the veracity of assertions regarding the U.S.' potential adoption of International Financial Reporting Standards (IFRS) and its influence on the standard-setting process. Despite the U.S. not adopting IFRS, the SEC has significantly impacted the IFRS standard-setting process, and the gap between IFRS and U.S. GAAP has not further diverged post-2012. The market share of IFRS consistently increased from 53.3% in 2011 to 76.7% in 2022, refuting claims of its momentum decline. Although there are mixed empirical findings on the elimination of IFRS-reporting foreign private issuers' reconciliation to U.S. GAAP, more research is needed to establish the overall impact on financial reporting quality and transparency. Amidst recent global challenges, the lessons from past IFRS efforts in the U.S. suggest that pursuing unified global Environmental, Social, and Governance (ESG) reporting standards can be beneficial, even if the end goal is not achieved