Here is the synopsis of our sample research paper on IASB, FASB AND CONVERGENCE: AN OVERVIEW. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 3-page paper provides a discussion about IASB and FASB convergence and discusses the role of the SEC in support of IFRS rules. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTiasbcove.doc
Buy This Term Paper »
Unformatted sample text from the term paper:
which the accounting activities are taking place, there can be vast differences in everything from recording processes, to what, exactly constitutes "revenue," to what is considered an asset or liability.
As such, organizations such as the Financial Accounting Standard Board (which establishes reporting standards supporting U.S. Generally Accepted Accounting Principles or US
GAAP, as its known) and the International Accounting Standards Board (IASB, which sets standards for the International Financial Reporting Standards, or IFRS) have had different standards for different countries. At
one time, this didnt matter. But with more companies globalizing and doing business with international customers and suppliers, trying to keep books that take into account IFRS and US GAAP
standards is time-consuming, not to mention confusing. This is why, in 2002, the Financial Accounting Standards Board and the International Accounting Standards Board
signed the so-called "Norwalk Agreement." The agreement stated that both organizations would work toward reporting compatibility and that the organizations would "coordinate their future work programs to ensure that once
achieved, compatibility is maintained" (The Norwalk Agreement, 2002). The agreements priorities included removal of various differences between US GAAP and IFRS and
to work toward more joint programs that would encourage and foster convergence (The Norwalk Agreement, 2002). The plan included short-term and long-term convergence projects which, in theory, would help organizations
get a better handle on accounting procedures that would help in the global reporting process. Convergence sounds great in theory. But where are
we, close to 10 years after the Norwalk Agreement? Well, one thing we know is that the Securities and Exchange Commission (SEC), long a cheerleader and backer of US GAAP,
...