Title: Africa does not need IFRS

Authors: Aida Sy; Tony Tinker

Addresses: Department of Economics and Finance, Marist College, School of Management, Room LT101, 3399 North Road, Poughkeepsie, New York, 12601, USA ' Department of Accountancy, Baruch College at the City University of New York, One Bernard Baruch Way, Box B12-225, New York, NY 10010, USA

Abstract: A great deal of hype surrounds the so-called revolution in accounting standard setting. The International Financial Reporting Standards (IFRS) enterprise aims to introduce a single global accounting and financial reporting language that would standardise reporting practices throughout the globe. There are several reasons why this vision may not hold, and therefore Africa should be wary. First, there are many obstacles for any US option. Second, International Financial Standards Board (IFSB) has failed to create a uniform set of standards.

Keywords: International Financial Reporting Standards; IFRS; Financial Accounting Standards Board; FASB; European Union; EU; convergence; Securities and Exchange Commission; SEC; Africa; USA; United States.

DOI: 10.1504/AJAAF.2013.055476

African Journal of Accounting, Auditing and Finance, 2013 Vol.2 No.1, pp.1 - 8

Available online: 29 Jul 2013 *

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