Here is the synopsis of our sample research paper on IFRS, UNITED STATES AND CONVERGENCE - WHAT’S THE DELAY?. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 5-page paper provides a literature review as to why the United States has been hesitant to adopt international financial reporting standards. Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: AS43_MTconvacct.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
toward "convergence," as its called, would mean less confusion and work, especially for international companies that require compliance for not one, but two, sets of standards.
So if convergence is such a great idea, why has the United States remained so stubborn in the move toward a one-world accounting system? Why does the
accounting profession in the States still cling to the idea of the rules-based US GAAP, as opposed to the principles-based IFRS? Aside
from the fact that change is tough, even if its supposed to be advantageous, a glance at the literature gives us a few answers.
The Accounting Onion, in an attempt to be somewhat humorous about the industrys potential toward convergences, pointed out a "Top Ten List" as to why adoption of the
IFRS is a "terrible idea." On the list were topics such as the costs of not only systems overhauls, but also training, there has to be a better way of
improving U.S. financial reporting than an overhaul to another system and the fact that IFRS isnt compatible with U.S. corporate governance (Ten top reasons, 2008). These are all valid reasons
as to why the United States has been resisting convergence. The literature suggests there are other reasons as well. Resources need to be devoted to convergence, and there are those
who believe that convergence isnt going to fix what ails the current system. Miller and Bahnson (2009) point out that an argument
linking convergence to higher quality standards is somewhat bogus - the only way to reach such standards, they point out, is to basically overhaul GAAP and IFRS. As it is,
...