by the IASB, FASB would consider them for incorporation
into U.S. GAAP and then integrate them into its FASB
lead to further confusion is an open question. James Kaiser,
a partner in PwC’s assurance practice, characterized it as a
Whether or not this process would be workable or would just “It got the accountants debating again,” he said.
A CHANGING FINANCIAL REPORTING LANDSCAPE: THE JOURNEY TO GLOBAL STANDARDS
By Robert J. Kueppers And D.J. Gannon | March 2, 2011
The recent financial crisis reminded us that financial reporting still needs improvement.
The need for more transparent financial information and
financial statements that better reflect economic reality is on
the minds of standard-setters, policy makers, and investors.
The interconnectedness of the world’s capital markets has
changed the perspective on financial reporting. We continue
to see the movement toward International Financial Reporting
Standards as a basis of financial reporting globally. The
increasing use of IFRS around the world has and continues to
impact how accounting and financial reporting standards are
developed, written, and applied here in the United States.
Last February, the Securities and Exchange Commission
issued a formal statement supporting the convergence
efforts of the Financial Accounting Standards Board and
the International Accounting Standards Board, and the
movement to global accounting standards. It also directed its
staff to execute an “IFRS Work Plan” to address issues related
to the incorporation of IFRS into the U.S. financial reporting
framework. This follows the proposed “IFRS Roadmap” that
was issued in late 2008.