IFRS GAAP Convergence Research Paper

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Herz (2013) notes that the end of convergence will essentially bring about an era where IFRS is, for the most part, the de facto standard around the world. However, the process has also compelled the IASB to be more responsive to its constituents.

For Australians, involvement in ASAF signals the beginning of the final stages of convergence, where the remaining non-IFRS major economies are brought into the process. Many countries with GAAP has similar principles to each other, since their systems were influenced heavily one another. The AASB (2009) notes that Australia has been in line with the EU timetable for IFRS adoption. In this respect, Australia should be ahead of the United States. PWC (2013) notes that this is the case, at least for publicly-traded entities. Not-for-profits do not yet have to meet the provisions of IFRS reporting, and the same is true for public sector entities.

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Foreign companies listing on the ASX need to comply with Australian standards, which have a high level of convergence with IFRS. The status at present is that if a company registered in Australia is considered to be a reporting entity or not determines whether IFRS are required (they are for reporting entities). Further compliance may come at a later date, but it seems that the status in Australia right now is simply to work on full global convergence, but otherwise to wait and see how it plays out, since the country already has more or less adopted IFRS and will simply need to adjust its accounting practices to the extent that further convergence changes IFRS......

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