By Parmod Chand,Christopher Patel
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Additional info for Achieving Global Convergence of Financial Reporting Standards. Implications from the South Pacific Region
Future studies may concentrate on empirically testing the effects of the country-speciﬁc attributes on convergence efforts across jurisdictions. In addition, individual-level factors, such as human judgment, can also affect convergence of accounting practices. Human judgment factors need further research to see how they affect accounting decisions in a single country and convergence across countries. The ﬁndings of such studies may assist national standard setters to identify the approach for adopting the IFRS most suitable to their context.
Similarly, AASB 136 Impairment of Assets, while based on IAS 36, includes paragraphs dealing with measuring the impairment of assets in the not-for-proﬁt sector (Alfredson, 2005; CPA Australia, 2006). However, these additions to the IAS/IFRS do not have an impact on the requirements in relation to for-proﬁt entities. This approach seems to be reasonable, as IFRS themselves call for the consideration of ‘‘pronouncements of other standard setting bodies’’ as long as those pronouncements are consistent with ‘‘the deﬁnitions, recognition, and measurement criteria for assets, liabilities, income, and expenses set out in the IASB framework’’ (Schwartz, 2001, p.
To this end, Section 108 of the Sarbanes–Oxley Act of 2002 instructed the SEC to conduct a study on the adoption of a principles-based accounting system in the United States (Schipper, 2003, p. 61). In particular, the ‘‘roadmap’’ for convergence between the IASB and the US FASB outlined in the February 2006 Memorandum of Understanding has initiated several joint projects with the IASB, designed to produce high quality, comprehensive, and enforceable accounting standards (see Chand & Cummings, 2008).