Are International Financial Reporting Standards (IFRS) an Unstoppable Juggernaut for US and Global Financial Reporting?

Importance of International Financial Reporting Standards (IFRS) has greatly increased in recent years. Pivotal events include acceptance of IFRS for financial reporting in the European Union in 2005 and the US Securities and Exchange Commission's announcement in late 2007 to accept IFRS for financial reporting by non-US firms trading in US markets. How far away is worldwide acceptance of IFRS for financial reporting? To answer this question, this study offers a review of recent events, including a longitudinal analysis of adoption of IFRS by the countries of the world. In addition, perspectives regarding acceptance of IFRS, from top corporate accounting officers, are acquired and evaluated. Findings indicate that IFRS are increasingly accepted around the world and that top accounting officers are very favorable to adoption of IFRS worldwide. Based on these findings, acceptance of IFRS in virtually all countries, including the US, appears imminent, perhaps occurring within the next few years