An Investigation into the Potential Adoption of International Financial Reporting Standards in the United States: Implications and Implementation

Tan, Aldys; Chatterjee, Bikram; Wise, Victoria; Hossain, Mahmud

doi:10.1111/auar.12081

Cited by 10 publications

(7 citation statements)

References 56 publications

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“…Cherry & Schwartz, 2013;Hail, Leuz, & Wysocki, 2010a, 2010bKaya & Pillhofer, 2013;Lin & Fink, 2013;Tan, Chatterjee, Wise, & Hossain, 2016). However, we suggest that researchers should also undertake to analyze and understand the course of the debate on the SEC roadmap in the United States as a historical phenomenon.…”

Section: The United States Does Not Adopt Ifrssmentioning

confidence: 99%

The Challenge of Setting Standards for a Worldwide Constituency: Research Implications from the IASB’s Early History

Camfferman

Zeff

2017

European Accounting Review

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Based on Camfferman and Zeff [(2015). Aiming for global accounting standards : The International Accounting Standards Board, 2001. Oxford: Oxford University Press] we reflect on possibilities for academic research on the International Accounting Standards Board (IASB) and its International Financial Reporting Standards (IFRSs). We argue that a research agenda may be formed around the notion that the IASB differs from national standard setters because its constituent base includes jurisdictions as well as the more traditional preparer, user and auditor constituency groups. We show that taking a jurisdictional angle draws attention to the variety among the IASB's jurisdictional constituents, identifying numerous research possibilities related to their decisions to adopt, or not to adopt, IFRSs, and to the mechanisms they have developed to form their own IFRS policies and to interact with the IASB. We illustrate how the IASB's structure, governance, processes and standards are influenced by the challenge of reconciling the needs and values of jurisdictional constituents with the objective of setting global accounting standards. We call for research on the ramifications of the diversity of jurisdictional constituents, as well as changing perceptions of standard setting within jurisdictions, for all aspects of the functioning of the IASB. Such research should make greater use of the variety of sources available to researchers today.

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Section: The United States Does Not Adopt Ifrssmentioning

confidence: 99%

The Challenge of Setting Standards for a Worldwide Constituency: Research Implications from the IASB’s Early History

Camfferman

Zeff

2017

European Accounting Review

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“…The use of NIS to guide accounting research is well-established (Burns and Scapens, 2000; Burns and Vaivio, 2001; Carpenter and Feroz, 2001; De Villiers and Alexander, 2014; De Villiers et al , 2014; Lawrence, Sharma and Nandan, 2009; Modell, 2009; Scapens, 2006; Sharma et al , 2014). NIS has been used to identify and explain the sources of isomorphic pressures on the adoption of accounting systems such as IFRS (Al-Omari, 2010; Albu et al , 2011; Hassan et al , 2014; Heidhues and Patel, 2012; Irvine, 2008; Mir and Rahaman, 2005; Tan et al , 2016). Coercive isomorphism results from formal and informal pressures and by cultural expectations exerted on organisations (Carruthers, 1995; DiMaggio and Powell, 1983).…”

Section: New Institutional Sociology Theorymentioning

confidence: 99%

“…The adoption and implementation of international accounting standards such as the IFRS for SMEs depend to some extent on individual firms and their institutional environment (Aboagye-Otchere and Agbeibor, 2012). Prior research using NIS theory focusses on the full IFRS adoption by large and/or listed companies (Al-Omari, 2010; Albu et al , 2011; Hassan et al , 2014; Heidhues and Patel, 2012; Irvine, 2008; Mir and Rahaman, 2005; Tan et al , 2016). SMEs’ decision to adopt the accounting standard IFRS for SMEs , has not been explored using the NIS theory.…”

Section: New Institutional Sociology Theorymentioning

confidence: 99%

International financial reporting standards for small and medium-sized entities: a new institutional sociology perspective

Wijekoon

Samkin

Sharma

2021

MEDAR

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Purpose This paper aims to extend the literature by examining the need for International Financial Reporting Standards (IFRS) for Sri Lankan small and medium entities (SMEs) and investigating the institutional pressures that drove the adoption of the IFRS for SMEs in a developing country, Sri Lanka. Design/methodology/approach The theoretical framework adopted in this study draws on insights from new institutional sociology theory. An interview-based qualitative research was conducted with accountants and owners of SMEs, representatives from government agencies and the accounting standards-setting authority of Sri Lanka. Findings The emphasis on the need for international accounting standards for SMEs due to international structures and activities is not a priority for Sri Lankan SMEs. Sri Lankan SME owners do not receive requests to provide internationally comparable financial statements from their trade partners and international activities such as foreign exports, borrowings and ownerships are irrelevant business activities for them. Hence, findings reveal that the decision to adopt the IFRS for SMEs was in response to institutional pressures rather than alleged benefits of internationally comparable financial information. It appears from the results that the influence of local users’ needs and the government interference on the development of accounting standards does not exist in Sri Lanka. Research limitations/implications The research is limited to a single country. The data were collected from SMEs in Sri Lanka, as intended by the research boundary.[AQ1] The study has implications for policy makers, and standard setters charged with developing and implementing an appropriate financial reporting framework for SMEs. Originality/value The extant literature on IFRS for SMEs is sparse and mostly conducted through questionnaire surveys with a single user group of SME financial information.

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“…The potential adoption of International Financial Reporting Standards (IFRS) in the United States represents another significant aspect of this evolution. Tan, Chatterjee, Wise, and Hossain (2016) investigate the implications and implementation challenges of this potential adoption. Their study highlights the commitment of the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) to explore the convergence of US Generally Accepted Accounting Principles (GAAP) with IFRS.…”

Section: Introductionmentioning

confidence: 99%

A Review of U.S. Financial Reporting Scandals and Their Economic Repercussions: Investigating Their Broader Impact and Preventative Measures

Adeola Olusola Ajayi-Nifise,

Odeyemi Olubusola,

Titilola Falaiye

et al. 2024

Financ. account. res. j.

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This study provides a comprehensive analysis of financial reporting scandals in the United States, focusing on their evolution, impacts, and the effectiveness of preventative strategies. The primary objective was to understand the historical development of financial reporting, identify the mechanisms of financial scandals, assess their economic and social repercussions, and evaluate the regulatory and technological responses implemented to prevent such occurrences. Employing a systematic literature review and content analysis, the study analyzed data from academic journals, government publications, and reports from financial regulatory bodies, with a focus on literature published between 2010 and 2023. The key findings reveal that financial reporting scandals have significantly influenced corporate governance and financial regulation, leading to substantial economic and social impacts, including loss of investor trust and market instability. Preventative strategies, notably legislative reforms such as the Sarbanes-Oxley and Dodd-Frank Acts, have been instrumental in enhancing transparency and accountability in financial reporting. Technological innovations have also emerged as vital tools in detecting and preventing financial irregularities. The study concludes that building a resilient financial reporting landscape requires continuous adaptation to technological advancements, development of sophisticated risk management tools, and fostering a culture of ethical reporting. Policymakers and industry leaders are urged to focus on creating balanced legal frameworks that encourage transparency and protect against financial malpractices, thereby ensuring a financial reporting environment that is transparent, accountable, and resilient against future challenges. Keywords: Financial Reporting Scandals, Corporate Governance, Regulatory Reforms, Preventative Strategies.

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An Investigation into the Potential Adoption of International Financial Reporting Standards in the United States: Implications and Implementation

Cited by 10 publications

References 56 publications

The Challenge of Setting Standards for a Worldwide Constituency: Research Implications from the IASB’s Early History

The Challenge of Setting Standards for a Worldwide Constituency: Research Implications from the IASB’s Early History

International financial reporting standards for small and medium-sized entities: a new institutional sociology perspective

A Review of U.S. Financial Reporting Scandals and Their Economic Repercussions: Investigating Their Broader Impact and Preventative Measures

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