The switch to international accounting standards was an enormous one for anybody connected with the financial reporting of listed companies. As this article shows, it was also highly controversial and its aftermath somewhat contentious.
1 Do you think that, with increasing internationalization, IASB standards are likely to become more US-orientated?
2 Why should there be concern over alleged closer IASB and US generally accepted accounting principles convergence?
3 How could the ASB get involved with international accounting standards setting ‘at a very early stage’?
4 What difficulties would ‘non-public interest entities’ have in adopting IASB accounting standards instead of ASB ones?