FratFiles

• Save Paper

Executive Summary

Convergence between the United States (U.S. GAAP) financial reporting standards and those of the International Financial Reporting Standards (IFRS) has been a long time in the making. With developments in the expansion of the global economy, the need for U.S. GAAP and IFRS standards to become more streamlined and similar has only become more prevalent. Accountants and other financial reporters have known for some time that the financial structure of the world is evolving and expanding with each of its economies moving away from segregation and further towards a global capital market. The need for a single set of accounting standards then, to accommodate and ease this transition, is seen as an overriding necessitation. In an effort to raise solutions to this impending need, the IASB and the FASB have continued to convene in an effort to converge standards in one of the world’s biggest markets, the U.S.
The preparation for convergence began in 2002 and has......

View the rest of this paper...

Approximate Word Count: 2513
Approximate Pages: 11 (250 words per double-spaced page)

Similar Essays

1. International Us Financial Reporting Convergence Report
   

   International US Financial Reporting Convergence Report Executive Summary Convergence between the United States (U.S. GAAP) financial reporting standards and those of the

2. Convergence: Accountancy's New Frontier
   

   of U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) can be described as the convergence of national accounting systems

3. The Process Towards Global Accounting Standards
   

   the biggest revolutions in history with the introduction of International Financial Reporting Standards (IFRS) in over 100 countries across the world. With the U.S. as on of the

4. Adoption Of Ifrs In Australia
   

   Internationally, more than 100 countries have adopted International Financial Reporting Standards IFRS or IFRS equivalents, including all EU countries and major Asian

5. Adopting Ifrs In Canada
   

   standards will impact Canadian investors and businesses, and change the way financial information is reported in Canada. In Canada the accounting standards are set by the