The Evolution of the IASC into the IASB, and the Challenges It Faces

Authors

  • Stephen A. Zeff Rice University

DOI:

https://doi.org/10.17533/udea.rc.14687

Keywords:

IASC, IASB, NIC, NIIF, standard issue, regulation

Abstract

This article provides a historical view of the essential facts and the decisive moments of the evolution of the IASC, followed by the evolution of the IASB.Thus, it tackles the evolution of the International Accounting Standards Committee (IASC), and it details how the International Accounting Standards Board (IASB) appears, and how in its short life, since 2001, the IASB has greatly reformed the world map of company financial reporting.After this historical review, some of the challenges facedby the IASB as the international accounting standards issuer areexpounded
|Abstract
= 3158 veces | PDF (ESPAÑOL (ESPAÑA))
= 9419 veces|

Downloads

Download data is not yet available.

References

Achleitner, A.-K., & Eberle, R. (2010). Switzerland. In Previts, G. J., Walton, P. & Wolnizer, P. (Eds.)

A Global History of Accounting, Financial Reporting and Public Policy: Europe (Chap.9). Bingley, U.K.: Emerald Group Publishing Limited.

Adoption of International Accounting Standards by 2005 (2002). Bulletin of the Financial ReportingCouncil. 2002/4–3 July 2002. Available at: http://www.iasplus.com/resource/ausfrc.pdf

A Driving Wind for IFRS from Asia-Oceania (2011). A vision paper of the Asian-Oceanian Standard-Setters

Group –AOSSG– (s.f.). Available at: http://www.aossg.org/docs/About_Us/Vision_Paper.pdf

AICPA Council (2008). AICPA Council votes to recognize the International Accounting Standards Board asa designated standard setter. AICPA News Release (May 18). Available at: http://www.ifrs.com/updates/aicpa/Press_Release_May18.html

Berger, A. (2010).The development and status of enforcement in the European Union. Accounting in Europe, 7(1): 15–35.

Beswick, P. A. (2010). Remarks Before the 2010 AICPA National Conference on Current SEC and PCAOBDevelopments. December 6. Available at: http://www.sec.gov/news/speech/2010/spch120610pab.htm

Camfferman, K., & Zeff, S. A. (2007). Financial Reporting and Global Capital Markets: A History of theInternational Accounting Standards Committee, 1973–2000. Oxford, U.K.: Oxford University Press.

Casey, W. J. (1972). Toward common accounting standards. Speech to the Conference on Financial Reporting Commission des Operations de Bourse, Paris, May 19. Available at: http://www.sec.gov/news/speech/1972/051972casey.pdf

Ciesielski, J. (2009). Why a road map now? The AAO Weblog (December 3). Available from the author.

CReCER (2011). Notable events and highlights. IFAC News (August 6). Available at: http://web.ifac.org/download/IFAC-News-August-2011.pdf

Cummings, J. P. (1976). International Accounting Standards — The Outlook. The 4th Ross Institute Seminaron Accounting. Vincent C. Ross Institute of Accounting Research, New York University, May, 2–8.

Professional Accounting in 25 Countries (1964). New York, NY: American Institute of Certified Public Accountants.

Pulliam, S., & McGinty, T. (2009). Congress helped banks defang key rule. Wall Street Journal (June 3):A1, A14. Available at: http://people.tamu.edu/;jstrawser/acct229h/Current%20Readings/12.%20Congress%20Helped%20Banks%20Defang%20Key%20Rule%20-%20WSJ.com%20(Investments).pdf

Recommendations on Shaping IASC for the Future (1999). A report of the International Accounting Standards Committee’s Strategy Working Party, Recommendations to the IASC Board. London, U.K.: International Accounting Standards Committee.

Reference to the Financial Reporting Framework in the EU in Accounting Policies and in the Audit Reportand Applicability of Endorsed Standards. (2005). Communication to FEE Member Bodies. Brussels, Belgium: Fédération des Experts Comptables Européens.

Roberts, C. B. (2010). Segment reporting. In Nobes, C. & Parker, R., Comparative International Accounting (Chap. 19), 11th edition. Harlow, Essex, U.K.: Pearson.

Scheid, J.-C., & Walton, P. (1992). European Financial Reporting: France. London, U.K.: Routledge.

Securities and Exchange Commission (SEC) (1973). Statement of Policy on the Establishment andImprovement of Accounting Principles and Standards. Accounting Series Release No. 150. (December 20). Washington, D.C.: U.S. Government Printing Office.

Securities and Exchange Commission (SEC) (2000). International Accounting Standards. Concept Release. (February). Available at: http://www.sec.gov/rules/concept/34-42430.htm

Selling. T. (2008). Amended IAS 39: Exploding the myth of an independent IASB. The Accounting Onion (November 3). Available at http://accountingonion.typepad.com/theaccountingonion/2008/11/index.html

Skinner, R. M. (1972). Accounting Principles: A Canadian Viewpoint. Toronto, Canada: Canadian Instituteof Chartered Accountants.

Stice, E. K., & Stice, J. D. (2010). Count U.S. out? How the French put U.S. adoption of International Accounting Standards on the rocks. Marriott Alumni Magazine (Fall): 12–15.

Study Group on Establishment of Accounting Principles (The Wheat Study). (1972). Establishing Financial Accounting Standards. New York, NY: American Institute of Certified Public Accountants.

Tweedie, Sir D. (2010). Chairman of the IASB Addresses ECOFIN Meeting, March 16. Available at: http://www.ifrs.org/News/AnnouncementsþandþSpeeches/ChairmanAddressesECOFIN.htm

Tweedie, Sir D. (2011). Sir David Tweedie Addresses the US Chamber of Commerce, March 10, Washington, D.C. Available at: http://www.ifrs.org/News/AnnouncementsþandþSpeeches/convergenceþorþnotþspeech.htm

Van Hulle, K. (2008). IFRS as accounting standards for Europe. In H.-G. Bruns, R. H. Herz, H.-J. Neubürger, and D. Tweedie (Eds.), Globale Finanz berichterstattung/Global Financial Reporting (71–87). Stuttgart, Germany: Schaffer-PoeschelVerlag.

Véron, N. (2007).The Global Accounting Experiment. Brussels, Belgium: Bruegel

.Walton, P. (2009). An Executive’s Guide for Moving From U.S. GAAP to IFRS. New York, NY: BusinessExpert Press, LLC.

Work Plan For the Consideration of Incorporating International Financial Reporting Standards Into the Financial Reporting System For U.S. Issuers: Exploring a Possible Method of Incorporation. (2011). A Securities and Exchange Commission Staff Paper, May 26. Available at: http://www.sec.gov/spotlight/globalaccountingstandards/ifrs-work-plan-paper-052611.pdf

The World Bank Reports on the Observance of Standards and Codes (ROSC): Overview of the ROSC Accounting and Auditing Program (2004). Washington, D.C.: The World Bank Group. Available at: http://www.worldbank.org/ifa/rosc_aa_overview.pdf

Yorihiro, K. (2011). Update: IFRS developments in Japan. Financial Executive, 27(8): 14–15

Zeff, S. A. (1979). Forging Accounting Principles in New Zealand. Wellington, New Zealand: Victoria University Press.

Zeff, S. A. (1997). The U.S. Senate votes on accounting for employee stock options. In Zeff, S. A. & Dharan, B. G., Readings and Note sin Financial Accounting, (507–517). New York, NY: McGraw-Hill Book Companies.

Zeff, S. A. (2002). ‘‘Political’’ lobbying on proposed standards: A challenge to the IASB. Accounting Horizons, 16(1): 43–54.

Zeff, S. A. (2007a). The SEC rules historical cost accounting: 1934 to the 1970s. Accounting and Business Research 37 (Special Issue: International Accounting Policy Forum): 49–62.

Zeff, S. A. (2007b). Some obstacles to global financial reporting comparability and convergence at a high level of quality. The British Accounting Review, 39 (4): 290–302.

Zeff, S. A. (2010). Political lobbying on accounting standards—US, UK, and international experience. In Nobes, C. & Parker, R., Comparative International Accounting (Chap. 11) 11th edition. Harlow, Essex, U.K.: Pearson.

Published

2013-02-28

How to Cite

Zeff, S. A. (2013). The Evolution of the IASC into the IASB, and the Challenges It Faces. Contaduría Universidad De Antioquia, (60), 119–164. https://doi.org/10.17533/udea.rc.14687

Issue

Section

Artículos