Business, Management and Accounting
4 years ago

Mandated adoption of IFRS in Europe sparks global financial reporting shift.

The Introduction of International Accounting Standards in Europe: Implications for International Convergence
Katherine Schipper

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The International Accounting Standards Board and the Financial Accounting Standards Board are working together to make financial reporting standards more similar worldwide. They are focusing on short-term projects to align US GAAP and IFRS standards, such as accounting for nonmonetary exchanges and income taxes. They are also working on long-term projects like revenue recognition. The goal is to improve the quality of financial reporting standards and make them consistent across different countries. The mandated adoption of IFRS by European Union listed companies in 2005 will impact this convergence effort by increasing the number of companies using IFRS.