Commentary on Prospects for Global Financial Reporting
21 Pages Posted: 25 Mar 2015
Date Written: March 24, 2015
Abstract
This commentary reviews the status of the global use of International Financial Reporting Standards (IFRS), including in the US, and offers thoughts on prospects for global financial reporting. Many countries require or permit the use of IFRS, but the goal of truly global, high quality financial reporting has not yet been achieved. Variation in application and enforcement of the standards and scope for improving them remain. However, it would be premature to abandon the goal thereby forgoing the potential benefits it promises. Rather, we should develop plans for the next phase of the journey towards global financial reporting.
Keywords: IFRS, global financial reporting, US SEC, capital markets
JEL Classification: E61, F02, G15, M40
Suggested Citation: Suggested Citation