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10 years of IFRS: Reflections and expectations - Part two

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15 Feb 2013

The 'Australian Accounting Review' has recently published the second part of a special edition that marks the 10th anniversary of the International Accounting Standards Board (IASB) with research papers exploring the impact of IFRS on standard setting, financial reporting practice and accounting education from the perspectives of standard setters, practitioners and academics.

The special edition of the Australian Accounting Review, a leading practitioner-focused journal, appeared in two parts: The first part of the forum included a set of papers reflecting on the IASB's activities over the past 10 years, the relationship of the IASB with national standard setters, and two papers providing background and insights into the important question of if, and how, the United States may adopt IFRS.

The second part complements the first by exploring the adoption of IFRS in a developing economy, IFRS educational issues and initiatives, and practitioners’ reflections on the impact of IFRS together with suggestions for future research. Among the articles is a contribution co-authored by Nadia Albu, one of the outstanding young researchers chosen recently as scholars for the Deloitte IAAER Scholarship Programme.


Philip Brown and Ann Tarca review the growing body of research evaluating the widespread adoption of IFRS and link the findings of academic research with feedback from practitioners about whether the hoped-for benefits of adoption are being realised. In addition, they present comments from practitioners about IFRS research and they identify areas that may be usefully explored in future research.

Beverley Jackling, Bryan Howieson and Riccardo Natoli consider the challenges educators face in their teaching following adoption of IFRS. They discuss IFRS education in Australia, the US and Romania. The authors conclude that teaching resources, educational research and Continuing Professional Development activities related to a principles-based approach to teaching IFRS are necessary for educators to enrich the learning experience of students.

Nadia Albu and Cătălin Nicolae Albu discuss the adoption of IFRS in an emerging economy, Romania. They illustrate the effect of various contextual factors, some historical, on the process and outcomes of IFRS implementation. They conclude that adoption of IFRS can follow a different pattern in emerging economies compared to developed economies.

We are grateful to the editor of the special issue, Professor Ann Tarca, for pointing it out to us.

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