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International financial reporting standards — credible and reliable? An overview

✍ Scribed by Fatima Alali; Lei Cao

Publisher
Elsevier Science
Year
2010
Tongue
English
Weight
232 KB
Volume
26
Category
Article
ISSN
0882-6110

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✦ Synopsis

The study discusses how IFRS's objective of the harmonization of accounting standards and improvement of quality of financial reporting may have been negatively affected due to public authorities' influences in the European Union (EU), the U.S., the U.K. and China. In addition, we discuss issues related to the inconsistent interpretations and implementations of IFRS as principle-based accounting standards. Moreover, we discuss how the funding system of the IASB may (or may not) have affected its independence. The review of relevant literature and discussion is critical to IFRS adoption/convergence efforts in the U.S.

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