The potential adoption of IFRS for U.S. issuers: A textual analysis of responses to the proposal
This paper uses textual analysis to analyse the comments received by the U.S. SEC on the proposal to allow U.S. listed companies to prepare financial statements following International Financial Reporting Standards (IFRS). The paper contributes to the understanding of the overall desirability of int...
| Main Authors: | , , |
|---|---|
| Format: | Journal Article |
| Published: |
Faculty of Business and Accountancy, University of Malaya
2013
|
| Online Access: | http://ajba.um.edu.my/filebank/published_article/4786/4.pdf http://hdl.handle.net/20.500.11937/33829 |
| _version_ | 1848754055149518848 |
|---|---|
| author | Pawsey, N. Brown, Alistair Chatterjee, Bikram |
| author_facet | Pawsey, N. Brown, Alistair Chatterjee, Bikram |
| author_sort | Pawsey, N. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | This paper uses textual analysis to analyse the comments received by the U.S. SEC on the proposal to allow U.S. listed companies to prepare financial statements following International Financial Reporting Standards (IFRS). The paper contributes to the understanding of the overall desirability of international accounting convergence as well as the politics involved in attempting to reach consensus on such decisions. Most respondents supported the proposal. Respondents outlined the advantages of adopting IFRS as enhanced comparability, simplification, cost savings, extensive information sets, its capacity to improve the standard setting process, and its potential to serve U.S. interests. On the other hand, a minority of respondents were not supportive of the proposal. There was criticism of the lack of independence, enforcement mechanisms and resource availability of the IASB; the deleterious effect on U.S. interests; the questionable quality of the IFRS; and the perceived myths of convergence. Following the review of such comments, the paper outlines the implications of such a potential adoption of IFRS in U.S. to the Asian region as the pressure to extend IFRS to non-listed companies mounts. The paper also argues that Asian countries need to lobby for higher representation on the IASB and consider local customs, law and context while adopting IFRS, as such factors have been stressed upon by U.S. respondents to the SEC’s proposal. |
| first_indexed | 2025-11-14T08:34:19Z |
| format | Journal Article |
| id | curtin-20.500.11937-33829 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:34:19Z |
| publishDate | 2013 |
| publisher | Faculty of Business and Accountancy, University of Malaya |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-338292017-02-28T01:52:16Z The potential adoption of IFRS for U.S. issuers: A textual analysis of responses to the proposal Pawsey, N. Brown, Alistair Chatterjee, Bikram This paper uses textual analysis to analyse the comments received by the U.S. SEC on the proposal to allow U.S. listed companies to prepare financial statements following International Financial Reporting Standards (IFRS). The paper contributes to the understanding of the overall desirability of international accounting convergence as well as the politics involved in attempting to reach consensus on such decisions. Most respondents supported the proposal. Respondents outlined the advantages of adopting IFRS as enhanced comparability, simplification, cost savings, extensive information sets, its capacity to improve the standard setting process, and its potential to serve U.S. interests. On the other hand, a minority of respondents were not supportive of the proposal. There was criticism of the lack of independence, enforcement mechanisms and resource availability of the IASB; the deleterious effect on U.S. interests; the questionable quality of the IFRS; and the perceived myths of convergence. Following the review of such comments, the paper outlines the implications of such a potential adoption of IFRS in U.S. to the Asian region as the pressure to extend IFRS to non-listed companies mounts. The paper also argues that Asian countries need to lobby for higher representation on the IASB and consider local customs, law and context while adopting IFRS, as such factors have been stressed upon by U.S. respondents to the SEC’s proposal. 2013 Journal Article http://hdl.handle.net/20.500.11937/33829 http://ajba.um.edu.my/filebank/published_article/4786/4.pdf Faculty of Business and Accountancy, University of Malaya restricted |
| spellingShingle | Pawsey, N. Brown, Alistair Chatterjee, Bikram The potential adoption of IFRS for U.S. issuers: A textual analysis of responses to the proposal |
| title | The potential adoption of IFRS for U.S. issuers: A textual analysis of responses to the proposal |
| title_full | The potential adoption of IFRS for U.S. issuers: A textual analysis of responses to the proposal |
| title_fullStr | The potential adoption of IFRS for U.S. issuers: A textual analysis of responses to the proposal |
| title_full_unstemmed | The potential adoption of IFRS for U.S. issuers: A textual analysis of responses to the proposal |
| title_short | The potential adoption of IFRS for U.S. issuers: A textual analysis of responses to the proposal |
| title_sort | potential adoption of ifrs for u.s. issuers: a textual analysis of responses to the proposal |
| url | http://ajba.um.edu.my/filebank/published_article/4786/4.pdf http://hdl.handle.net/20.500.11937/33829 |