The IASB at a Crossroads The Future of International Financial Reporting Standards Case Solution

Case ID: 111084
Solution ID: 21823

Words: 1555

Price: $45

Case Solution

What are the significant difficulties to the proceeded with development of IFRS around the world? Should nations be urged to seek after "full selection" of IFRS or ought to every nation focus its own IFRS "joining" method? Given the constraints of administration and data intermediation foundations around the world, ought as far as possible the utilization of reasonable worth bookkeeping? By what means ought to the IASB react to the developing force of developing markets, for example, China in universal standard setting? What lessons can be found out from the development and improvement of IFRS for worldwide harmonization of corporate administration models all the more comprehensively? This case first depicts the IASB's real achievements over the 2001-2010 period and afterward diagrams the significant difficulties to the proceeded with development of IFRS as it enters its second decade.

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Questions Covered

Should it IASB put more emphasis on full adoption versus convergence with its IFRS principles? Should it make more compromises to facilitate adoption by the U.S.?

Should IASB, in addition to IFRS, also focus on harmonizing enforcement and auditing rules? Should it make more adjustments to its own structure to accommodate the new tasks and its growing membership and stakeholder base?

Were there lessons to be learned from the accounting convergence process for the convergence of corporate governance practices more generally? Had the IASB moved too far, too fast, or was the pace of accounting globalization an example for other areas of business standardization to follow?

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