- Title Pages
- Foreword
- Preface
- List of Figures
- List of Tables
- List of Abbreviations
- The International Accounting Standards Board until 2011: A Basic Chronology
- 1 Introduction
- 2 Evolution of the IASC into the IASB
- 3 Setting Up the IASB
- 4 The First Wave of Jurisdictional Adoptions of IFRSs
- 5 The IASB Sets its Agenda
- 6 Financial Instruments
- 7 The IASC Foundation’s First Constitution Review
- 8 The United States Begins to Warm to the IASB
- 9 The IASB’s Vexed Relation with Europe
- 10 Adopt or Adapt
- 11 The IASB’s Organization Matures
- 12 Concepts and Convergence
- 13 The IASB Survives the Financial Crisis
- 14 Preparing the IASB for the Second Decade
- 15 The Uncertain Path Towards a Single Global Standard
- 16 The IASB and the FASB Rush to Complete the Convergence Programme
- 17 Epilogue
- Appendix 1 Trustees, Members of the Board, the Advisory Council, and the Interpretations Committee
- Appendix 2 Standards and Interpretations
- Appendix 3 IASC–IFRS Foundation Summary Financial Data 2001–11
- Appendix 4 List of Interviewees
- Appendix 5 Sources and Referencing
- Index
The First Wave of Jurisdictional Adoptions of IFRSs
The First Wave of Jurisdictional Adoptions of IFRSs
- Chapter:
- (p.56) 4 The First Wave of Jurisdictional Adoptions of IFRSs
- Source:
- Aiming for Global Accounting Standards
- Author(s):
Kees Camfferman
Stephen A. Zeff
- Publisher:
- Oxford University Press
The announcement by the European Union in 2000 of the required use of IFRSs in the consolidated financial statements of European listed companies, beginning in 2005, marked a turning point in the acceptance of IFRSs. Following the European example, other jurisdictions, including Australia and New Zealand also announced a mandatory transition to IFRSs. Meanwhile, some jurisdictions that had already adopted a policy of convergence with International Accounting Standards in the 1990s, particularly Hong Kong and South Africa, decided to move towards full adoption of IFRSs. Yet, there was little evidence of enthusiasm for IFRSs in Japan. In the United States, Enron and other accounting scandals helped to spark an interest in IFRSs. In 2002 the IASB and the FASB announced their so-called Norwalk Agreement aimed at converging their standards.
Keywords: EU, IAS Regulation, EFRAG, US GAAP, FASB, convergence, Norwalk Agreement, ASBJ, Hong Kong, South Africa
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- Title Pages
- Foreword
- Preface
- List of Figures
- List of Tables
- List of Abbreviations
- The International Accounting Standards Board until 2011: A Basic Chronology
- 1 Introduction
- 2 Evolution of the IASC into the IASB
- 3 Setting Up the IASB
- 4 The First Wave of Jurisdictional Adoptions of IFRSs
- 5 The IASB Sets its Agenda
- 6 Financial Instruments
- 7 The IASC Foundation’s First Constitution Review
- 8 The United States Begins to Warm to the IASB
- 9 The IASB’s Vexed Relation with Europe
- 10 Adopt or Adapt
- 11 The IASB’s Organization Matures
- 12 Concepts and Convergence
- 13 The IASB Survives the Financial Crisis
- 14 Preparing the IASB for the Second Decade
- 15 The Uncertain Path Towards a Single Global Standard
- 16 The IASB and the FASB Rush to Complete the Convergence Programme
- 17 Epilogue
- Appendix 1 Trustees, Members of the Board, the Advisory Council, and the Interpretations Committee
- Appendix 2 Standards and Interpretations
- Appendix 3 IASC–IFRS Foundation Summary Financial Data 2001–11
- Appendix 4 List of Interviewees
- Appendix 5 Sources and Referencing
- Index
