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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 United States Begins to Warm to the IASB

The United States Begins to Warm to the IASB

Chapter:
(p.177) 8 The United States Begins to Warm to the IASB
Source:
Aiming for Global Accounting Standards
Author(s):

Kees Camfferman

Stephen A. Zeff

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199646319.003.0008

Acceptance of IFRSs as a basis for financial reporting by foreign companies listing in the United States, without a mandatory reconciliation to US GAAP, was a chief objective of the IASB, as it had been of the IASC before it. In 2005, the Chief Accountant of the US Securities and Exchange Commission published a roadmap that, for the first time, set a target date for lifting the reconciliation requirement. Even faster than expected, the SEC lifted the reconciliation requirement in 2007. Under the leadership of Christopher Cox, chairman of the Commission, the SEC proceeded to consider the use of IFRSs, instead of US GAAP, by domestic registrants. A roadmap proposal was published in 2008, raising expectations that IFRSs might truly become the global accounting standard.

Keywords:   US Securities and Exchange Commission, Form 20-F reconciliation requirement, lifting of reconciliation requirement, Christopher Cox, Donald Nicolaisen, IFRS roadmap, US use of IFRSs

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