Vinsamlegast notið þetta auðkenni þegar þið vitnið til verksins eða tengið í það: http://hdl.handle.net/1946/24252
This thesis is devoted to the Convergence project between International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (U.S. GAAP). Convergence has been a long journey for the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). They have been working together with the aim of bringing a common set of high-quality global standards for over a decade, with this journey beginning in the early 2000´s, or in 2002 more specifically, when the IASB and FASB first sat down and discussed the Convergence of the two standards.
This thesis is going to give the reader insight into the differences between the two standards, along with their similarities, the beginning of Convergence, clashes between the two boards, and arguments for and against Convergence. It will give the reader an important understanding of the project and also give the reader the ability to gain perspective and to form their own opinions.
The main difference between the IFRS and U.S GAAP is found in changes in the accounting policies, accounting estimates and rectifications of errors. The difference between the two standards is that the American standards are more detailed, for example, when it comes to changing accounting methods. Another difference is that IFRS requires an accounting professional to make a subjective assessment on whether an appropriate and reliable accounting method has been chosen, while this is something the U.S GAAP does not require.
|Convergence between IFRS and U.S GAAP - Lokaskil.pdf||442.97 kB||Lokaður til...12.05.2035||Heildartexti|