Jump to ContentJump to Main Navigation
Aiming for Global Accounting StandardsThe International Accounting Standards Board, 2001–2011$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

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

The United States Begins to Warm to the IASB

The United States Begins to Warm to the IASB

(p.177) 8 The United States Begins to Warm to the IASB
Aiming for Global Accounting Standards

Kees Camfferman

Stephen A. Zeff

Oxford University Press

Acceptance of IFRSs as a basis for financial reporting by foreign companies listing in the United States, without a mandatory reconciliation to US GAAP, was a chief objective of the IASB, as it had been of the IASC before it. In 2005, the Chief Accountant of the US Securities and Exchange Commission published a roadmap that, for the first time, set a target date for lifting the reconciliation requirement. Even faster than expected, the SEC lifted the reconciliation requirement in 2007. Under the leadership of Christopher Cox, chairman of the Commission, the SEC proceeded to consider the use of IFRSs, instead of US GAAP, by domestic registrants. A roadmap proposal was published in 2008, raising expectations that IFRSs might truly become the global accounting standard.

Keywords:   US Securities and Exchange Commission, Form 20-F reconciliation requirement, lifting of reconciliation requirement, Christopher Cox, Donald Nicolaisen, IFRS roadmap, US use of IFRSs

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .