Business, Management and Accounting
4 years ago

Global push for harmonized accounting standards led by the United States.

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SSRN Electronic Journal
The Political Economy of International Standard Setting in Financial Reporting: How the United States Led the Adoption of IFRS Across the World
Zehra G. Kavame Eroglu

Paper Summary

The article discusses how different countries used to have their own accounting standards, but globalization made it necessary to have a common set of rules. A global organization was created to set these standards, with around 120 countries now using International Financial Reporting Standards (IFRS). The United States has not yet adopted IFRS, even though it would be easier for them compared to the European Union. The reason for creating IFRS was to have a single system similar to U.S. accounting standards.

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