| Abstrakt: |
In 1973 representatives from the professional accountancy bodies of nine countries, including the United States, came together and signed an agreement to establish the International Accounting Standards Committee (IASC) with the intention of creating a set of International Accounting Standards (IAS), which would eventually be used globally. In 2001, this committee was replaced by the International Accounting Standards Board (IASB). In 2008, the Securities Exchange Commission (SEC) released a proposed roadmap for the use of International Financial Reporting Standards (IFRS) with possible mandatory convergence by 2014. Subsequent to the release of this proposed road map, the authors of this study researched the possibility of countries around the world witnessing the adoption of a global set of accounting standards by their professional accountancy bodies in the near future. To achieve this objective, thorough research was performed on some of the more prominent countries' accounting standards to see how closely they matched up with IFRS as published by the IASB. These countries include China, India, Japan, the United Kingdom, and the United States. The results indicate that there is much work to be done to accomplish the task of formulating a global set of accounting standards. [ABSTRACT FROM AUTHOR] |
