Transition to IFRS: What Can we Learn?
School of Accounting
Seidman College of Business
The Norwalk Agreement was signed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in October 2002 with the intention to develop a single set of high quality financial reporting standards. The Securities and Exchange Commission (SEC), which oversees the FASB, in concept supports convergence. Over the last ten years the IASB and the FASB have made great advances towards convergence of International Financial Reporting Standards (IFRS) with U.S. Generally Accepted Accounting Principles (US GAAP) to obtain the single reporting standard goal. Certain elements have become points of contention and thus have delayed the goal of overall convergence between IFRS and US GAAP. These elements include fundamental differences and guidance related to specific industries, transactions lacking guidance, and structural and funding issues (PWC, 2009 and 2013).
The Finance, Economics, MIS, and Global Research Conference
Stovall, Dennis and Goldberg, Stephen R., "Transition to IFRS: What Can we Learn?" (2014). Faculty Scholarly Dissemination Grants. 741.