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Aiming for Global Accounting StandardsThe International Accounting Standards Board, 2001–2011$
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Kees Camfferman and Stephen A. Zeff

Print publication date: 2015

Print ISBN-13: 9780199646319

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780199646319.001.0001

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The First Wave of Jurisdictional Adoptions of IFRSs

The First Wave of Jurisdictional Adoptions of IFRSs

Chapter:
(p.56) 4 The First Wave of Jurisdictional Adoptions of IFRSs
Source:
Aiming for Global Accounting Standards
Author(s):

Kees Camfferman

Stephen A. Zeff

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199646319.003.0004

The announcement by the European Union in 2000 of the required use of IFRSs in the consolidated financial statements of European listed companies, beginning in 2005, marked a turning point in the acceptance of IFRSs. Following the European example, other jurisdictions, including Australia and New Zealand also announced a mandatory transition to IFRSs. Meanwhile, some jurisdictions that had already adopted a policy of convergence with International Accounting Standards in the 1990s, particularly Hong Kong and South Africa, decided to move towards full adoption of IFRSs. Yet, there was little evidence of enthusiasm for IFRSs in Japan. In the United States, Enron and other accounting scandals helped to spark an interest in IFRSs. In 2002 the IASB and the FASB announced their so-called Norwalk Agreement aimed at converging their standards.

Keywords:   EU, IAS Regulation, EFRAG, US GAAP, FASB, convergence, Norwalk Agreement, ASBJ, Hong Kong, South Africa

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