Kees Camfferman and Stephen A. Zeff
- Published in print:
- 2015
- Published Online:
- June 2015
- ISBN:
- 9780199646319
- eISBN:
- 9780191800719
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199646319.003.0017
- Subject:
- Business and Management, Finance, Accounting, and Banking, International Business
This chapter reviews major developments between June 2011 and the middle of 2014. Because of the SEC’s silence on the use of IFRSs in the United States, the IASB had to find its position in a world ...
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This chapter reviews major developments between June 2011 and the middle of 2014. Because of the SEC’s silence on the use of IFRSs in the United States, the IASB had to find its position in a world where it had unquestionably become a leading player, but where national standard setters retained important positions in several jurisdictions. In modifying its consultative arrangements, the IASB paid particular attention to interaction with national standard setters. The IASB’s special relationship with the FASB was reconsidered. Some of the two boards’ remaining convergence projects were completed, but no new joint projects were initiated. The IASB undertook a major agenda consultation to chart its course over the next years. As evidenced by events in the United States and Europe, critical questioning of the IASB and of IFRSs continued.Less
This chapter reviews major developments between June 2011 and the middle of 2014. Because of the SEC’s silence on the use of IFRSs in the United States, the IASB had to find its position in a world where it had unquestionably become a leading player, but where national standard setters retained important positions in several jurisdictions. In modifying its consultative arrangements, the IASB paid particular attention to interaction with national standard setters. The IASB’s special relationship with the FASB was reconsidered. Some of the two boards’ remaining convergence projects were completed, but no new joint projects were initiated. The IASB undertook a major agenda consultation to chart its course over the next years. As evidenced by events in the United States and Europe, critical questioning of the IASB and of IFRSs continued.
