The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair …-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least …, exacerbated its severity. In this paper, we assess these arguments and examine the role of fair-value accounting in the financial …

This study examines the FASB's and IASB's unsuccessful joint project on accounting for insurance contracts. It … highlights the divergent views the Boards may hold on certain fundamental accounting issues. Further, this study examines how the … costs and benefits of accounting standard convergence can vary within an industry, conditional on factors such as prior …

This paper expands prior IFRS accounting systems' classifications to a broader set of 27 countries where the IFRS … influencing accounting practices in some countries even after the IFRS adoption … between three groups of countries, based on the similarity of their accounting practices: 1) Australia and New Zealand, 2) USA …

The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting … Financial Reporting Standards (IFRS) from foreign-private issuers without reconciliation to U.S. GAAP (the SEC subsequently … the implementation of uniform standards and that compliance to IFRS or U.S. GAAP by foreign firms is a concern, foreign …

Fair value accounting has been argued as one contributing factor to the recent global financial crisis occurred from … 2007 to 2008. However, recent empirical studies find no significant evidence for this role of fair value accounting. One … are investigated, it is natural that the evidence reflects the role of fair value accounting in small banks, and …

. We start with a general discussion of the standard-setting process in accounting and how a U.S. switch to IFRS might … creating a competing U.S. GAAP-based set of accounting standards that could serve as a global alternative to IFRS … adoption of IFRS by the United States. In Part I (see Hail et al. 2010), we develop the conceptual framework for our analysis …

benefits from IFRS adoption in the United States. Drawing on the academic literature in accounting, finance and economics, we … of IFRS by the United States. In this part, we develop the conceptual framework for our analysis of potential costs and … assess the potential impact of IFRS adoption on the quality and comparability of U.S. reporting practices, the ensuing …

We compare various earnings attributes of two accounting standards in one regulatory environment. We consider all firms … that file Form 20-F reconciliations from IFRS to USGAAP with the SEC for 2004-2006. We find USGAAP and IFRS share many … earnings attributes with two notable exceptions: USGAAP exhibits higher cash persistence and value relevance. Both IFRS and …

The SEC decided in 2007 to allow foreign private issuers who use IFRS as promulgated by the IASB (pure IFRS filers … convergence efforts of the IASB and FASB and did not focus on pure IFRS filers. We examine the information content of the … reconciliations for a sample of 88 pure IFRS filers during 2006 and 2007. Consistent with the reconciliation lacking usefulness for …