Is Australia Moving Too Far Ahead of The United States in the Convergence to International Accounting Standards?

1999 ◽  
Vol 9 (19) ◽  
pp. 69-72 ◽  
Author(s):  
MICHAEL SHARPE
Keyword(s):  
United States ◽  
Accounting Standards ◽  
The United States ◽  
International Accounting ◽  
International Accounting Standards

The Contrast Research of Presentation and Disclosure about other Comprehensive Income

2014 ◽  
Vol 687-691 ◽  
pp. 5080-5084
Author(s):  
Xing Wei
Keyword(s):  
United States ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Comprehensive Income ◽  
Other Comprehensive Income ◽  
Income Reporting

This article compares and analyzes the distinguish between the accounting standards for enterprises in our country about other comprehensive income reporting and disclosure of financial accounting standards from the IAS (International Accounting Standards) and the FASB in the United States, through four aspects as the meaning of other comprehensive income, the concrete content and accounting, presentation and disclosure.

scholarly journals The Prospects Of Replacing GAAP With IFRS In The United States

2012 ◽  
Vol 12 (1) ◽  
pp. 25
Author(s):  
RamMohan R. Yallapragada ◽  
C. William Roe ◽  
Alfred G. Toma
Keyword(s):  
United States ◽  
Financial Reporting ◽  
Accounting Standards ◽  
The United States ◽  
Capital Allocation ◽  
Financial Accounting ◽  
Future Perspective ◽  
International Accounting ◽  
International Accounting Standards ◽  
The Us

Historically, each country developed its own Generally Accepted Accounting Principles (GAAP) for financial accounting and reporting and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become difficult leading toward suboptimal capital allocation across countries in the world. Gradually, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. As a result, the International Accounting Standards Committee (IASC) was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). At this point about 100 countries have adopted IFRS for their financial reporting purposes. In 2010, the US Securities Exchange Commission (SEC) stated that it would be able to make a decision on the adoption of the IFRS in the United States within that year and would allow a five-year period for complete transition, if it is decided to incorporate the IFRS into the U S reporting standards. An intense debate ensued for and against incorporation of IFRS into the US GAAP. Four alternative processes are suggested for the transition - outright adoption, convergence, endorsement, and co-endorsement. This paper presents details of each of these suggested alternatives and future perspective of the adoption of IFRS into the U S accounting and reporting system.

scholarly journals SECs Push Back On Adoption Of IFRS In The United States

2014 ◽  
Vol 12 (3) ◽  
pp. 237
Author(s):  
RamMohan R. Yallapragada ◽  
C. William Roe ◽  
Alfred G. Toma
Keyword(s):  
United States ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Policy Decision ◽  
The United States ◽  
Alternative Methods ◽  
International Accounting ◽  
International Accounting Standards ◽  
The Us ◽  
The World

For a long time, the United States (US) Generally Accepted Accounting Principles (GAAP), are considered as the gold standard for financial reporting by companies all over the world. With the advent of globalization of capital markets and the proliferation of the multi-national corporations (MNCs), there emerged a movement for developing a uniform set of accounting standards applicable to companies all over the world in order to achieve uniformity in financial reporting. The movement is initiated by the International Accounting Standards Board (IASB) which started to issue International Financial Reporting Standards (IFRS). Over the last decade, four alternative methods have been considered by the Securities and Exchange Commission (SEC) for a possible adoption of IFRS in the US: outright adoption, convergence, endorsement, and condorsement. Recently, the SEC appears to be taking a step backwards in its policy towards adoption of IFRS. The process involves prohibitive costs to US companies which are already suffering under the ill effects of a great recession. The adoption of IFRS would also impose enormous burden on the academia, the accounting profession, and the regulatory apparatus of the SEC. Also, there is a question as to whether a single set of international accounting standards applicable to all countries is even desirable. The FASB and the IASB have been working on convergence since 2002. The SEC began studying the pros and cons of adoption of IFRS since 2010. But, in its latest staff report, issued in July 2012, the SEC did not include any final policy decision as to whether IFRS will ever be adopted at all in any manner in the US. Furthermore, the SEC, in its report, made it very clear that turning over control of US accounting standard-setting authority to the IASB is out of question. This paper presents the various efforts made so far in aligning US GAAP with the IFRS and the future outlook regarding adoption of IFRS in the US.

scholarly journals Incorporating International Financial Reporting Standards Into The United States Financial Reporting System: Timeline And Implications

2012 ◽  
Vol 11 (3) ◽  
pp. 283 ◽  
Author(s):  
RamMohan R. Yallapragada
Keyword(s):  
United States ◽  
Multinational Corporations ◽  
Financial Reporting ◽  
Accounting Standards ◽  
The United States ◽  
Capital Allocation ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
The Us

In the United States of America (US), all the accounting procedures and guidelines for measurement and reporting by business firms are governed by a body of principles and concepts known as Generally Accepted Accounting Principles (GAAP). These GAAP are presently issued by the Financial Accounting Standards Board (FASB) with the authority delegated by the Securities and Exchange Commission (SEC). Historically, each country developed its own GAAP and there was no uniformity among the GAAPs of different countries. Comparison of financial statements issued by business firms from different countries has become impossible leading toward suboptimal capital allocation across countries in the world. Gradually, with the advent of multinational corporations, there emerged a global demand for convergence of GAAP of different countries into a single set uniform accounting standards applicable to all countries. Initiative for uniform global accounting standards came from International Accounting Standards Committee (IASC) which was established in 1973. The IASC formed International Accounting Standards Board (IASB) in 2001 which began issuing International Financial Accounting Standards (IFRS). Till now about 100 countries have adopted IFRS for their financial reporting purposes. The SEC has yielded to the global pressure to adopt IFRS in the US. SEC has set a timeline for US business firms to change over from US GAAP to IFRS. This paper presents the background and development of the movement of IFRS, timeline for the change in US and the implications involved in the adoption of IFRS in the US.

scholarly journals The Extent of Membership Representation and Non-Representation on the IASB

2008 ◽  
Vol 2 (1) ◽  
pp. 89 ◽  
Author(s):  
Alistair Brown
Keyword(s):  
United States ◽  
Financial Markets ◽  
United States Of America ◽  
Accounting Standards ◽  
Internet Access ◽  
The United States ◽  
Gender Composition ◽  
International Accounting Standards ◽  
The Social ◽  
And Gender

Status groups abound in financial markets and none more so than in the global accounting market. One such group is the powerful and closed International Accounting Standards Board (IASB). This study empirically examines the social control of IASB membership by considering the country<br />affiliation of members, Internet access, and gender composition over a five-year period. The results of the study show that over the period 2001-2005 representation on a four IASB committees was dominated by male members from high Internet access regions of the United States of America. <br /><br />

ALTERNATIVE RESERVE REPORTING AND EXPLORATION ACCOUNTING METHODS—THE NEED FOR INTERNATIONAL ACCOUNTING STANDARDS

2004 ◽  
Vol 44 (1) ◽  
pp. 865
Author(s):  
B.P. Steedman
Keyword(s):  
Oil And Gas ◽  
Accounting Standards ◽  
Oil And Gas Industry ◽  
Critical Issue ◽  
The United States ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Practices ◽  
Area Of Interest ◽  
The Status

The objective of this paper is to analyse the different reserve reporting and exploration accounting methods used globally and highlight the key reporting implications for companies that are domiciled in Australia. This has become a critical issue in the oil and gas sector with the impending implementation of International Accounting Standards (IAS), as these standards as they now stand, do not specifically address the oil and gas industry. As a result companies may have the option or may be required to make significant changes to existing accounting and reporting practices.The paper will analyse the issues, potential implications, and opportunities within the following areas:A brief summary of the history of oil and gas accounting standards and the status of existing IAS.The different reserve reporting practices for exploration accounting and reserve reporting practices between the United States (US), United Kingdom (UK), and Australia, including the different interpretations of reserves within the countries.The alternative accounting outcomes for exploration expenditure depending upon whether successful efforts are applied, area of interest, or full cost accounting.The relationship between reserve reporting and exploration accounting, with examples of how multiple accounting outcomes may result from the same exploration program.Discuss the actions required by oil and gas executives to best manage the issues.The paper will be written and presented in a style such that non-accountants or reserve experts will be able to understand the issues. Detailed analysis of technical issues and industry specific references will be avoided e.g. accounting jargon.The paper will be of most value to representatives of Australian independent oil and gas companies, but would also be of interest to international companies.

OVERVIEW OF ACCOUNTING METHODS OF LEASING COVERAGE

2005 ◽  
Vol 11 (1) ◽  
pp. 101-119
Author(s):  
Dubravka Vlašić
Keyword(s):  
United States ◽  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Generally Accepted Accounting Principles ◽  
Accounting Principles

Lizing se javlja kao oblik financiranja kojim davatelj lizinga prenosi na korisnika lizinga pravo na korištenje određene imovine u određenom vremenskom razdoblju. Računovodstveno obuhvaćanje lizinga, od vrlo mnogo vrsta lizinga koje postoje u praksi koristi podjelu na financijski i operativni lizing, Njihove karakteristike definirane su prvenstveno nacionalnim zakonima, općim postavkama civilnog i trgovačkog prava, međunarodnim standardima od kojih su u Europskim zemljama prihvaćeni Međunarodni računovodstveni standardi MRS (International Accounting Standards - IAS), a u SAD USGAAP (United States - Generally Accepted Accounting Principles). Različita klasifikacija lizinga koja proizlazi iz ovih propisa ima utjecaj na temeljne financijske izvještaje.

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