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IFRS and the financial crisis

✍ Scribed by Lori Olsen; Thomas R. Weirich

Publisher
John Wiley and Sons
Year
2010
Tongue
English
Weight
80 KB
Volume
21
Category
Article
ISSN
1044-8136

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

The Securities and Exchange Commission continues to encourage convergence of U.S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS)‐despite the fact that IFRS did not stop the current financial crises in Greece, Spain, and other European countries. In fact, one study found that IFRS fair value accounting intensified the impact of the crisis.

So why should the United States continue on the path to adopt IFRS?

The authors examine how we've come to this point, the current financial crisis, and where we seem to be going. Β© 2010 Wiley Periodicals, Inc.

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