For decades, leading standards setters have advocated a single set of global financial reporting standards. After large strides were made in converging U.S. GAAP and IFRS in the first decade of this century, progress seemingly stalled. The authors believe that the nascent movement towards global sustainability reporting standards provides an opportunity and a model for U.S. standards setters to re-engage with their international counterparts and renew the push for truly global financial reporting standards.
Accounting expert Barry Jay Epstein, Ph.D., CPA (Inactive) is a co-author with Peter Harris, CPA, CFA, CMA, CIA, and Eva K. Jermakowicz, PhD, CPA in an article titled, “Seeking Truly Global Financial Reporting Standards.” The article, published in the March 2022 issue of The CPA Journal, asks the question: Should U.S. Standards Setters Re-Engage with IFRS (and the IASB and ISSB)?
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Barry Jay Epstein, PhD, CPA, is a partner at Epstein + Nach LLC in Chicago, Illinois.