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Aiming for Global Accounting StandardsThe International Accounting Standards Board, 2001–2011$
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Kees Camfferman and Stephen A. Zeff

Print publication date: 2015

Print ISBN-13: 9780199646319

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780199646319.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 26 October 2021

Adopt or Adapt

Adopt or Adapt

Diversity in Acceptance of IFRSs

(p.229) 10 Adopt or Adapt
Aiming for Global Accounting Standards

Kees Camfferman

Stephen A. Zeff

Oxford University Press

Between 2005 to 2007, several important jurisdictions announced plans to adopt IFRSs or to converge national standards with IFRSs. Canada announced the adoption of IFRSs beginning in 2011. China moved fast to publish and implement a complete set of national standards deemed to be substantially converged with IFRSs. Following developments both in the EU and the US, the Japanese national standard setter committed itself, in a ‘Tokyo Agreement’ with the IASB, to complete a major convergence project in 2011. The diversity of national approaches to IFRSs raised concern at the IASB over its ‘brand name’, as ‘IFRS’ might be used to describe financial statements that were based on jurisdictional variations of IFRSs rather than full IFRSs. Similarly, uneven compliance with IFRSs was a matter of concern.

Keywords:   Canada, China, Japan, South Korea, adoption of IFRSs, convergence with IFRSs, jurisdictional variations of IFRSs, compliance with IFRSs, IASB

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