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Essay / Research Paper Abstract
This 6 page paper examines the potential of international accounting standards considering the advantages and disadvantages of harmonisation and the specific challenges and barriers that exist preventing the US from adopting International Financial Reporting Standards (IFRS). The paper start of a general overview of the implications for harmonisation and then considers the specific difficulties the US would face moving from a rules-based system to a principles-based system. The bibliography cites 6 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_Teacconverg.rtf
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Unformatted sample text from the term paper:
of accounting standards through the International Accounting Standards Board (IASB) and their International Financial Reporting Standards (IFRS). In many areas the adoption of international accounting standards is already compulsory, and
in many other areas there is a policy to attain convergence. There are many arguments both for and against convergence and harmonisation of accounting standards, even these Securities and Exchange
Commission (FTC) has backed the convergence between the US accounting standards and international standards, a move that surprised many commentators (Fulcrum Inquiry, 2007). It is only by looking at
the advantages and disadvantages of international standards and the potential impact on businesses that the real challenges can be identified. For the United States accounting practices and move away from
the US GAAP towards IFRS will face a number of barriers. After looking at the advantages and disadvantages of the adoption IFRS the challenges which may be faced as a
part of this move towards a principal based rather than a rules-based system can be considered. It may be argued that the movement towards international standards became inevitable with the
convergence of investors on investment markets and the high take-up of IFRS. The operations of the investment markets that support company operations rely on information flow and also trust. Annual
accounts are a major tool used by potential investors to assess an investment. Although not used in isolation, they are a primary source of information. For investors to make an
investment there is the need to have trust in the annual accents. It is for this purpose many systems of auditing were developed, to ensure that audited accounts gave a
true and fair picture of the companys accounts for that year (Elliott and Elliott, 2006). The different standards that exist in many
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