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http://ssrn.com/abstract=1083679
 
 

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Response by the Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association to the SEC Release: Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with International Financial Reporting Standards Without Reconciliation to U.S. GAAP


Patrick E. Hopkins


Indiana University - Kelley School of Business - Department of Accounting

Christine A. Botosan


University of Utah - School of Accounting and Information Systems

Mark Thomas Bradshaw


Boston College

Carolyn M. Callahan


University of Memphis

Jack T. Ciesielski Jr.


affiliation not provided to SSRN

David B. Farber


University of Texas at El Paso

Mark J. Kohlbeck


Florida Atlantic University - School of Accounting

Leslie D. Hodder


Indiana University - Kelley School of Business - Department of Accounting

Bob Laux


Microsoft Corporation

Thomas L. Stober


University of Notre Dame - Department of Accountancy

Phillip C. Stocken


Dartmouth College - Tuck School of Business

Teri Lombardi Yohn


Indiana University - Kelley School of Business - Department of Accounting

January 1, 2008


Abstract:     
The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association responded to the SEC's July 13, 2007 proposal to accept financial statements prepared in accordance with International Financial Reporting Standards (IFRS) from foreign-private issuers without reconciliation to U.S. GAAP (the SEC subsequently voted in favor of the proposal on November 15, 2007). Our commentary summarizes and interprets relevant academic research. Our main findings are that material reconciling items exist that are relevant to U.S. investors, there are differences in the implementation of uniform standards and that compliance to IFRS or U.S. GAAP by foreign firms is a concern, foreign firms benefit from greater access to capital by listing in the U.S. and the U.S. requirements do not make the U.S. market less attractive to foreign firms, U.S. investors tend to prefer U.S. GAAP suggesting that elimination of the reconciliation may discourage U.S. investment in foreign firms, and that U.S. GAAP - IFRS harmonization might improve the functioning of the U.S. capital markets. We conclude that eliminating the reconciliation requirement was premature.

Number of Pages in PDF File: 38

Keywords: International Accounting, US GAAP Reconciliation, Foreign Private Issuers

JEL Classification: M41, M44, M47, G38

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Date posted: January 16, 2008  

Suggested Citation

Hopkins, Patrick E. and Botosan, Christine A. and Bradshaw, Mark Thomas and Callahan, Carolyn M. and Ciesielski, Jack T. and Farber, David B. and Kohlbeck, Mark J. and Hodder, Leslie D. and Laux, Bob and Stober, Thomas L. and Stocken, Phillip C. and Yohn, Teri Lombardi, Response by the Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association to the SEC Release: Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with International Financial Reporting Standards Without Reconciliation to U.S. GAAP (January 1, 2008). Available at SSRN: http://ssrn.com/abstract=1083679 or http://dx.doi.org/10.2139/ssrn.1083679

Contact Information

Patrick E. Hopkins
Indiana University - Kelley School of Business - Department of Accounting ( email )
Kelley School of Business
1309 E. 10th Street
Bloomington, IN 47405
United States
812-855 2617 (Phone)
812-855 8679 (Fax)

Christine A. Botosan (Contact Author)
University of Utah - School of Accounting and Information Systems ( email )
1645 Campus Center Drive
Salt Lake City, UT 84112
United States
801-581-8695 (Phone)
801-581-7214 (Fax)
Mark Thomas Bradshaw
Boston College ( email )
140 Commonwealth Avenue
Chestnut Hill, MA 02467
United States
Carolyn M. Callahan
University of Memphis ( email )
School of Accountancy
200 A Fogleman College of Business
Memphis, TN 38152
United States
901 678 4569 (Phone)
901 678 4282 (Fax)
Jack T. Ciesielski Jr.
affiliation not provided to SSRN ( email )
David B. Farber
University of Texas at El Paso ( email )
500 West University
El Paso, TX TX 79968-0545
United States
Mark J. Kohlbeck
Florida Atlantic University - School of Accounting ( email )
777 Glades Avenue
KH 119
Boca Raton, FL 33431-0991
United States
561-297-1363 (Phone)
Leslie D. Davis Hodder
Indiana University - Kelley School of Business - Department of Accounting ( email )
1309 E. 10th Street
Bloomington, IN 47405
United States

Bob Laux
Microsoft Corporation ( email )
One Microsoft Way
Redmond, WA 98052
United States
Thomas L. Stober
University of Notre Dame - Department of Accountancy ( email )
Notre Dame, IN 46556-0399
United States
219-631-7614 (Phone)
Phillip C. Stocken
Dartmouth College - Tuck School of Business ( email )
Hanover, NH 03755
United States
603-646-2843 (Phone)
Teri Lombardi Yohn
Indiana University - Kelley School of Business - Department of Accounting ( email )
1309 E. 10th Street
Bloomington, IN 47405
United States
(812) 855-0430 (Phone)

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