Paper Topic:

Current Status of International Accounting Standard in U.S.

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Current Status of International Accounting Standard in U .S

Convergence and Global Accounting Standard

Effects of the Convergence in U .S

The current IAS status can be traced to Norwalk Agreement which was an agreement between International Accounting Standards Board and Financial Accounting Standards Board committing both bodies to convergence their respective sets of financial reporting standards . Both bodies were to make their financial reporting standards compatible as soon as is practicable , ensure maintenance of compatibility of financial reporting standards through coordination

of their future work program . The need for implementation of another accounting standard which is different from US GAAP was also driven by a number of frauds that resulted in 1990s and 2000s (Epstein 2009

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The issue about which standards to take rule based GAAP standards or Rule Based IASs has resulted to endorsement of a comprehensive compromise position , dubbed as objective-based standards . It is evident that a number of differences between the IFRSs and IFRSs have been eliminated . However , a there still remains a number of nominal differences between US GAAP and IFRSs . Where substantive difference exists , e .g . revaluing long term assets as per current value , the financial reporting has required the related disclosure to be extensive enough so as to minimize any risk of misleading the user (Epstein 2009 br

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USA is seeing accommodation of IFRSs as it relaxes some it 's General Accepted Accounting Principles . The Financial Accounting Standard Board (FASB ) which is accounting regulatory body...

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