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A Review of IFRS and U.S. GAAP Convergence History and Relevant Studies

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  • Xiaoli Ortega

Abstract

In this paper, I conduct a review of the IFRS and U.S. GAAP convergence history and the related studies. I first review the history of the early accounting standards harmonization efforts in the Europe Union in the 1970s and 1980s. Next, I discuss the modern convergence efforts as well as the voluntary adoption of the International Accounting Standards (IAS) in the 1990s and early 2000s. I then discuss the concurrent global accounting standards convergence efforts from 2002 to present, including the mandatory IFRS adoption in the EU in 2005 and the convergence between the IFRS and U.S. GAAP. As I review the harmonization and convergence efforts over time, I discuss studies related to each stage of the history. I contribute to the accounting literature by providing a historical review of the IFRS-U.S. GAAP convergence process and relevant studies that can be useful for accounting educators and students, researchers, practitioners, and standards setters.

Suggested Citation

  • Xiaoli Ortega, 2017. "A Review of IFRS and U.S. GAAP Convergence History and Relevant Studies," International Business Research, Canadian Center of Science and Education, vol. 10(9), pages 31-38, September.
    • Handle: RePEc:ibn:ibrjnl:v:10:y:2017:i:9:p:31-38
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    References listed on IDEAS

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    3. Ball, Ray & Kothari, S. P. & Robin, Ashok, 2000. "The effect of international institutional factors on properties of accounting earnings," Journal of Accounting and Economics, Elsevier, vol. 29(1), pages 1-51, February.
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    5. Ball, Ray & Kothari, S. P. & Robin, Ashok, 2000. "Corrigendum to "The effect of international institutional factors on properties of accounting earnings"; [Journal of Accounting and Economics 29 (2000) 1-51]," Journal of Accounting and Economics, Elsevier, vol. 30(2), pages 241-241, October.
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    More about this item

    Keywords

    accounting comparability; convergence; harmonization; history; IFRS; U.S. GAAP;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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