NEWS AND INSIGHTS ON THE CONVERGENCE OF IFRS - U.S. GAAP
International accounting convergence is a highly complex process that began decades ago, emphasized globalization being the main factor that determined setters, professional bodies, investors to become aware of the importance of completing this process, namely the development and implementation of a...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
University of Bacău
2013-12-01
|
| Series: | Studies and Scientific Researches: Economics Edition |
| Subjects: | |
| Online Access: | http://sceco.ub.ro/index.php/SCECO/article/view/224 |
| _version_ | 1819297459861454848 |
|---|---|
| author | Ionela Cristina Breahna Pravat Diana-Maria Diaconu |
| author_facet | Ionela Cristina Breahna Pravat Diana-Maria Diaconu |
| author_sort | Ionela Cristina Breahna Pravat |
| collection | DOAJ |
| description | International accounting convergence is a highly complex process that began decades ago, emphasized globalization being the main factor that determined setters, professional bodies, investors to become aware of the importance of completing this process, namely the development and implementation of a common set of standards covering all areas of financial reporting. This objective was initially assumed by the International Accounting Standards Committee (IASC), now the International Accounting Standards Board (IASB).In this respect, at first it is noted the convergence of U.S. standards with the international ones, respectively the convergence of U.S. GAAP - IFRS standards, that, at least in theory, are not so different from each other, as we can say that, just as IFRS, U.S. GAAP were designed as a system of principles-based accounting. In reality, the U.S. standards system has proven to be more of a rules-based accounting system, unlike his international equivalent/counterpart. And the current state of convergence of the two sets of rules still reflects significant differences, plus the opposition of some entities to accept international standards. |
| first_indexed | 2024-12-24T05:14:21Z |
| format | Article |
| id | doaj.art-b5a57c8c150949b2b478f3a7f20fe440 |
| institution | Directory Open Access Journal |
| issn | 2066-561X 2344-1321 |
| language | English |
| last_indexed | 2024-12-24T05:14:21Z |
| publishDate | 2013-12-01 |
| publisher | University of Bacău |
| record_format | Article |
| series | Studies and Scientific Researches: Economics Edition |
| spelling | doaj.art-b5a57c8c150949b2b478f3a7f20fe4402022-12-21T17:13:35ZengUniversity of BacăuStudies and Scientific Researches: Economics Edition2066-561X2344-13212013-12-0101810.29358/sceco.v0i18.224219NEWS AND INSIGHTS ON THE CONVERGENCE OF IFRS - U.S. GAAPIonela Cristina Breahna Pravat0Diana-Maria Diaconu“Vasile Alecsandri” University of BacăuInternational accounting convergence is a highly complex process that began decades ago, emphasized globalization being the main factor that determined setters, professional bodies, investors to become aware of the importance of completing this process, namely the development and implementation of a common set of standards covering all areas of financial reporting. This objective was initially assumed by the International Accounting Standards Committee (IASC), now the International Accounting Standards Board (IASB).In this respect, at first it is noted the convergence of U.S. standards with the international ones, respectively the convergence of U.S. GAAP - IFRS standards, that, at least in theory, are not so different from each other, as we can say that, just as IFRS, U.S. GAAP were designed as a system of principles-based accounting. In reality, the U.S. standards system has proven to be more of a rules-based accounting system, unlike his international equivalent/counterpart. And the current state of convergence of the two sets of rules still reflects significant differences, plus the opposition of some entities to accept international standards.http://sceco.ub.ro/index.php/SCECO/article/view/224accountingconvergenceglobalizationIFRSU.S. GAAP |
| spellingShingle | Ionela Cristina Breahna Pravat Diana-Maria Diaconu NEWS AND INSIGHTS ON THE CONVERGENCE OF IFRS - U.S. GAAP Studies and Scientific Researches: Economics Edition accounting convergence globalization IFRS U.S. GAAP |
| title | NEWS AND INSIGHTS ON THE CONVERGENCE OF IFRS - U.S. GAAP |
| title_full | NEWS AND INSIGHTS ON THE CONVERGENCE OF IFRS - U.S. GAAP |
| title_fullStr | NEWS AND INSIGHTS ON THE CONVERGENCE OF IFRS - U.S. GAAP |
| title_full_unstemmed | NEWS AND INSIGHTS ON THE CONVERGENCE OF IFRS - U.S. GAAP |
| title_short | NEWS AND INSIGHTS ON THE CONVERGENCE OF IFRS - U.S. GAAP |
| title_sort | news and insights on the convergence of ifrs u s gaap |
| topic | accounting convergence globalization IFRS U.S. GAAP |
| url | http://sceco.ub.ro/index.php/SCECO/article/view/224 |
| work_keys_str_mv | AT ionelacristinabreahnapravat newsandinsightsontheconvergenceofifrsusgaap AT dianamariadiaconu newsandinsightsontheconvergenceofifrsusgaap |