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The Difference Between IASB And IFRS

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Register to read the introduction… On the other hand, Japan and China were also start converging their standard with IFRSs. (International Financial Reporting Standards, 2014) However, some countries still not yet decided to incorporate IFRS in to their financial reporting system. International Accounting Standards Board (IASB) and its IFRS moved big steps to reaching accounting convergence internationally in these years. All European countries were required to change their financial report standards based on IFRS. Australia, Hong Kong, Israel, and New Zealand are proceeding well with IFRS. (Larson & Street, …show more content…
They hope their standard can be used in worldwide. They hope to reduce the difficulty of reading different report style. However, there some possible implications of developments for the future of IFRS. Firstly, US have their own standard (FASB) and not easy to converge with IFRS. (Rapoport, 2011) They are not need to follow IFRS because they have their own standard. Also FASB want IFRS improve it standard in order to make FASB to accept. (Pacter, 2013) Secondly, some countries may follow American standard before rather than IFRS. The adoption may costly for them. Thirdly, revenue always a problem of IFRS. (Tysiac, 2012) The process of IFRS may affect by lack of funds. The promotion may slowed …show more content…
Retrieved from: http://www.ifrs.org/The-organisation/Pages/IFRS-Foundation-and- the-IASB.aspx
International Financial Reporting Standards (2014) Convergence between IFRSs and US GAAP. Retrieved from: http://www.ifrs.org/Use-around-the- world/Global-convergence/Convergence-with-US-GAAP/Pages/ Convergence-with-US-GAAP.aspx
International Financial Reporting Standards (2014) Project history. Retrieved form: http://www.ifrs.org/IFRS-for-SMEs/histroy/Pages/History.aspx
Larson, R. K. & Street, D. L. (2006) The roadmap to global accounting convergence europe introduces 'speed bumps'. Retrieved from: http://www.nysscpa.org/cpajournal/2006/1006/essentials/p36.htm
Pacter, P. (2013) What have IASB and FASB convergence efforts achieved? Retrieved form: http://www.journalofaccountancy.com/Issues/2013/ Feb/20126984.htm
Rapoport, M. (2011) U.S. Firms Clash Over Accounting Rules. Retrieved from: http://search.proquest.com.ezp01.library.qut.edu.au/abicomplete/docview/

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