Worldwide Adoption of International Financial Reporting Standards (IFRSs)

Abstract

This paper builds upon the huge body of research in the academic fields of accounting, finance and economics. It explores the background and the adoption of International Financial Reporting Standards (IFRS) in various countries; the cost-benefit analysis associated with the practical application of IFRS in corporate reporting by individual companies in those countries that have decided to go the IFRS way; a special case of the convergence and possible adoption by the United States of America is analyzed critically. Threats and challenges to the successful adoption of the IFRSs are detailed. Emerging issues in the adoption of IFRS are examined.

Keywords: Aadoption, International Accounting, International Finance, Financial Reporting Standards, (IFRS), International Accounting Standards Committee (IASC), International Accounting Standards (IAS), and International Accounting Standards Board (IASB)