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Convergence in Accounting Standards: Insights from Academicians and Practitioners

Advances in Accounting, Vol. 26, No. 1, pp. 142-154, 2010

58 Pages Posted: 7 Nov 2010  

Zabihollah Rezaee

University of Memphis - School of Accountancy

Murphy Smith

Texas A&M University-Corpus Christi

Joseph Z. Szendi

Kean University

Date Written: 2010

Abstract

The efficiency and competitiveness of global capital markets depends on the ability of financial statement preparers to communicate effectively with investors through financial reports. Despite the global movement to adopt IFRS, US adoption of IFRS is still uncertain. To assess potential for convergence, this study compares perspectives of academicians and practitioners regarding convergence to a set of global accounting standards. The majority of respondents believe that effective convergence to a set of globally accepted accounting standards would be beneficial to preparers, users, auditors, analysts, and standard setters. Convergence in accounting standards can require extensive and possibly costly changes to the standard-setting infrastructure and enforcement process in the US and other countries, and will also require proper training for management, auditors, and investors.

Keywords: International Financial Reporting Standards, IFRS, Accounting Convergence, International Accounting

JEL Classification: F23, G15, M41

Suggested Citation

Rezaee, Zabihollah and Smith, Murphy and Szendi, Joseph Z., Convergence in Accounting Standards: Insights from Academicians and Practitioners (2010). Advances in Accounting, Vol. 26, No. 1, pp. 142-154, 2010. Available at SSRN: https://ssrn.com/abstract=1703584

Zabihollah Rezaee

University of Memphis - School of Accountancy ( email )

Fogelman College of Business and Economics
Memphis, TN 38152-6460
United States
901-678-4652 (Phone)

Murphy Smith (Contact Author)

Texas A&M University-Corpus Christi ( email )

6300 Ocean Drive, Unit 5808
O’Conner Building - Room 333,
Corpus Christi, TX 78412
United States

Joseph Z. Szendi

Kean University ( email )

1000 Morris Ave
Union, NJ 07083
United States

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