This commentary reviews the status of the global use of International Financial Reporting Standards (IFRS), including in the US, and offers thoughts on prospects for global financial reporting. Many countries require or permit the use of IFRS, but the goal of truly global, high quality financial...

Financial accounting is essential to financial accountability, which is essential to a prosperous society. There are many examples of how improvements to financial accounting, supported by research, have enhanced financial accountability. Such research requires a strong relation between...