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Acc 304 Assignment 1

In: Business and Management

Submitted By major87
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| Convergence of Accounting Standards | ACC 304 | | Nicole McKinney | 2/27/2013 |

The word convergence refers to the process of eliminating differences in accounting standards among countries. The phrase international convergence of accounting standards refers to both a goal and the path taken to reach it. Convergence is driven by several factors, including the belief that having a single set of accounting requirements would increase the comparability of different entities' accounting numbers, which will contribute to the flow of international investment and benefit a variety of stakeholders. The efficiency and competitiveness of global capital markets rest on on the ability of financial statement preparers to communicate effectively with investors through financial reports. In spite of the global movement to accept IFRS, US adoption of IFRS is still uncertain. The majority of people believe that effective convergence to a set of globally accepted accounting standards would be beneficial to preparers, users, auditors, analysts, and standard setters. Convergence in accounting standards can require extensive and possibly costly changes to the standard-setting organization and enforcement process in the US and other countries, and will also require suitable training for management, auditors, and investors. In the United States, the Financial Accounting Standards Board (FASB) is working with the International Accounting Standards Board (IASB) to reduce or eliminate the differences between United States Generally Accepted Accounting Principles (US GAAP) and the IFRS, in particular according to the convergence program laid out by a 2006 memorandum of understanding, which was updated in 2008. In the most recent years there have been updates and modifications to the accounting convergence. Changes like income tax and fair value have occurred. Both U.S. GAAP and…...

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