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International financial reporting standards (IFRS) issued by the International Accounting Standards Board (IASB), have become respected by many countries and regulatory agencies. The European Union (EU) has determined for most publicly held companies that IFRS promulgated by IASB meet the standards for cross-boarder listing. This paper will present a brief history of the development of international accounting standards and discuss the factors that led to the EU’s acceptance of them. The paper will then consider the case of the U.S. By examining the changes in the accounting environment in the U.S. and specifically looking at the role of the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB), this paper will consider whether the U.S. will follow the EU and accept IFRS for cross-boarder listings.


Originally published:

Cascini, K. "The EU has Accepted IAS for Listed Companies: Will the US Follow?". International Business and Economics Research Journal 7.4 (Apr 2008): 11-20.



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