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Lifelong Learning Faculty Seminars: Additional Reading

 

More than 100 countries currently permit or require public companies to use International Financial Reporting Standards (IFRS) in preparing their financial statements. Will the US do the same?  In November 2007, the SEC decided to allow non-US companies that list their shares in US markets to use IFRS without reconciliation to US GAAP. 

Now, the SEC is actively considering allowing US companies to use IFRS. 

• Why is this happening and why now? 
• What are the major differences between US GAAP and IFRS?  
• What are the implications for US companies, investors, and capital markets?
• What are the implications for the US's role in setting financial reporting standards?

A member of the International Accounting Standards Board (IASB) and the Joan E. Horngren Professor of Accounting, Professor Mary Barth's research focuses on these and other financial reporting issues from the international and US perspective. 

In this presentation, she will focus on the prospects of the US adopting IFRS and the implications for US companies and investors. She will share insights from her research on the globalization of financial reporting and her participation on the IASB during these changing times. 

Selected Articles

Additional reading material has been selected by Jackson Library Staff. Due to contractual arrangements, remote access is only available to the current Stanford community and the subscribers of the "Library Databases" offered through the GSB Alumni's Lifelong Learning Program. Other access is limited to onsite at Jackson Library. Inclusion below does not imply University endorsement of ideas expressed.

 

To Converge or Not to Converge? Journal of Government Financial Management, Spring 2008
At a joint meeting, Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) published the Norwalk Agreement. They both agreed to undertake a short-term project aimed at removing a variety of individual differences between Generally Accepted Accounting Principles (GAAP) and International Reporting Standards (IFRS) and remove other differences between IFRS and GAAP.
View article

IFRS: Coming to America. Journal of Accountancy Online, June 2007
What CPAs need to know about the new global GAAP.
View article

IFRS or GAAP: Take Your Pick? CFO.com, May 2007
The SEC's chief accountant says foreign firms will no longer need to reconcile their financials to GAAP by 2009, and says U.S. firms may get to choose their preferred standard too.
View article

Research, Standard Setting, and Global Financial Reporting. Foundations & Trends in Accounting, 2006
The objective of this paper is to aid researchers in conducting research relevant to global financial reporting issues, particularly those of interest to financial reporting standard setters.
View paper [ PDF]

Market Reaction to Events Surrounding the Adoption of IFRS in Europe. Working Papers--Stanford Graduate School of Business, 2006
This paper examines the European stock market reaction to key events predicted to affect the adoption of International Financial Reporting Standards (IFRS) in Europe, including adoption of the controversial standard on financial instruments, IAS 39.
View paper [ PDF]

Listen up! International standards take on new importance - Q&A. California CPA, June 2003
Mary Barth sat down with fellow CalCPA member Zaf Iqbal, an accounting professor at Cal Poly San Luis Obispo, to discuss the emerging importance of the IASB.
View article

 

Selected Books

	Wiley IFRS 2005 : interpretation and application of international accounting and financial reporting standards by Barry J. Epstein and Abbas Ali Mirza. HF5626 .E67 2005
	Wiley GAAP 2008 : interpretation and application of generally accepted accounting principles by Barry J. Epstein, Ralph Nach, Steven M. Bragg. HF5616.U5 W55 2007
	Globalisation of accounting standards edited by Jayne M. Godfrey, Keryn Chalmers. HF5626 .G55 2007

 

Selected Websites

Similarities and differences: A comparison of IFRS and US Gaap

 

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