The recent process of accounting harmonisation made possible by the adoption in 2005 of IAS/IFRS methods represent the beginning of a practice tending to overcome the accounting differences not just at European level but more generally on a worldwide scale for the progressive adoption of a common global accounting language (Mc Gregor 1999; Pozzoli, 2003; Erikson et al., 2009). It emerges a super partes need for a project of convergence between the European discipline IAS/IFRS with the American accounting principles US GAAP, which justifies the progressive harmonisation of these two accounting systems (Tarca, 2005; Callagan, Treacy, 2007). This process of harmonisation would also represent a significant input for the globalisation of financial markets: accounting information could reach a great level of homogenisation to allow the comparison between financial, economic and capital data and the consequent improvement of economic and financial communication. The coexistence of two sets of accounting standards in the U.S. market and the need highlighted by the two standard setters to promote the convergence process are the main reasons behind the empirical research that is the object of this paper. We investigate these questions using the 2009 IFRS annual reports of companies based in four European countries: France, Germany, Italy and the UK and the 2009 US-GAAP annual reports of companies based in the US. The main purpose of our research is to evaluate the differences (Bloomer, 1996; Ampofo & Sellani, 2005; PwC, 2010; Nobes & Parker, 2010) between the two accounting standards, respectively IFRS and U.S. GAAP, in two specific areas. The first area of analysis relates to the general principles for drafting financial reports, while the second will consider the evaluation of specific accounting items. The second step of the analysis consists in taking into consideration the issues highlighted by the possibility of alternatives emerged within both IFRS and US-GAAP accounting systems.

Taplin, R., Verona, R., Doni, F. (2011). The process of global convergence ifrs/us-gaap. An empirical analysis on ifrs-compliant and us gaap-compliant financial statements. Intervento presentato a: ACCOUNTING RENAISSANCE: Lessons from the Crisis and Looking into the Future. Learning from Histories and Institution, Venice, Italy.

The process of global convergence ifrs/us-gaap. An empirical analysis on ifrs-compliant and us gaap-compliant financial statements

DONI, FEDERICA
2011

Abstract

The recent process of accounting harmonisation made possible by the adoption in 2005 of IAS/IFRS methods represent the beginning of a practice tending to overcome the accounting differences not just at European level but more generally on a worldwide scale for the progressive adoption of a common global accounting language (Mc Gregor 1999; Pozzoli, 2003; Erikson et al., 2009). It emerges a super partes need for a project of convergence between the European discipline IAS/IFRS with the American accounting principles US GAAP, which justifies the progressive harmonisation of these two accounting systems (Tarca, 2005; Callagan, Treacy, 2007). This process of harmonisation would also represent a significant input for the globalisation of financial markets: accounting information could reach a great level of homogenisation to allow the comparison between financial, economic and capital data and the consequent improvement of economic and financial communication. The coexistence of two sets of accounting standards in the U.S. market and the need highlighted by the two standard setters to promote the convergence process are the main reasons behind the empirical research that is the object of this paper. We investigate these questions using the 2009 IFRS annual reports of companies based in four European countries: France, Germany, Italy and the UK and the 2009 US-GAAP annual reports of companies based in the US. The main purpose of our research is to evaluate the differences (Bloomer, 1996; Ampofo & Sellani, 2005; PwC, 2010; Nobes & Parker, 2010) between the two accounting standards, respectively IFRS and U.S. GAAP, in two specific areas. The first area of analysis relates to the general principles for drafting financial reports, while the second will consider the evaluation of specific accounting items. The second step of the analysis consists in taking into consideration the issues highlighted by the possibility of alternatives emerged within both IFRS and US-GAAP accounting systems.
No
slide + paper
International Accounting Convergence IFRS-US GAAP, accounting policy choice, index T, within country comparability, between country comparability
English
ACCOUNTING RENAISSANCE: Lessons from the Crisis and Looking into the Future. Learning from Histories and Institution
Taplin, R., Verona, R., Doni, F. (2011). The process of global convergence ifrs/us-gaap. An empirical analysis on ifrs-compliant and us gaap-compliant financial statements. Intervento presentato a: ACCOUNTING RENAISSANCE: Lessons from the Crisis and Looking into the Future. Learning from Histories and Institution, Venice, Italy.
Taplin, R; Verona, R; Doni, F
File in questo prodotto:
File Dimensione Formato  
full_paper 10.10.2011 submission complete.doc

Solo gestori archivio

Tipologia di allegato: Submitted Version (Pre-print)
Dimensione 635 kB
Formato Microsoft Word
635 kB Microsoft Word   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/27312
Citazioni
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
Social impact