IFRS in the United States – Developments and Current Status

Holger Erchinger

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Financial Reporting and XBRL

Abstract

International Financial Reporting Standards (IFRS) are now required or permitted for use by companies in more than 100 countries, including the majority of the G20 members. However, domestic public companies domiciled in the United States (US) continue to be required to file financial statements with the Securities and Exchange Commission (SEC) in accordance with US Generally Accepted Accounting Principles (US GAAP), and are prohibited from preparing them based on IFRS. This article describes the developments of IFRS‐related activities and initiatives in the US over the period 2007–2012, and provides an overview of the current status regarding potentially incorporating IFRS into the US financial reporting system based on recently issued reports by the SEC.

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2009Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers 2012IFRS in the United States: If, When and How

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2012The Changing IASB and AASB Relationship 2014Measurement of Formal Convergence of Vietnamese Accounting Standards with IFRS

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