AYB200 report Essay

1460 WordsDec 20, 20146 Pages
Research report Title of Assessment: Student Name: Lo Tak Fung, Franco Student Number: N8708851 Tutor’s Name: Date: 9th April 2014 Word Count: 935 words Table of Contents Executive summary 1 1.0 Introduction 2 2.0 History and Status of IFRS convergence 2 3.0 The developments in the relationship between the major players in IFRS 2 3.1 International Accounting Standards Boards (IASB) 2 3.2 The IFRS Foundation 3 3.3 The US Financial Accounting Standards Board (FASB) 3 3.4 Other bodies including the US Securities and Exchange Commission (SEC) 3 3.5 The European Financial Reporting Advisory Group (EFRAG) 4 3.6 The Australian Accounting Standards Board (AASB) 4 4.0 The possible implications of developments for the…show more content…
The relation between them is close and important. 3.3 The US Financial Accounting Standards Board (FASB) In September 2002 the IASB and the FASB agreed to work together, in consultation with other national and regional bodies, to remove the differences between international standards and US GAAP. (Dorata, 2008) However, the convergence of IFRS and FASB is coming to the end. (Golden, 2013) 3.4 Other bodies including the US Securities and Exchange Commission (SEC) SEC will not require American companies follow IFRS at least until 2015. If they follow IFRS, accounting could become simpler and more flexible since the guidance of IFRS. (Frye, 2009) The foundation of IASB and the time of responses is questioned by a report from SEC. It also address it will be costly if American public companies adopt IFRS. (Rehm, 2011) 3.5 The European Financial Reporting Advisory Group (EFRAG) EFRAG already required all European countries adopt IFRS. Moreover, EFRAG want more non- EU countries can adopt IFRS. They disappointed with no strong support for IFRS in US from SEC. (Bouvier, 2012) IFRS and EFRAG have working together for many years. (Hamilton, 2013) They want to set up an international accounting standard for the world and make no different in the financial report. 3.6 The Australian Accounting Standards Board (AASB) The base for both Australian for-profit and not-for-profit requirements are based on IFRS. AASB is supporting IFRS standard setting to apply in more

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