Some Issues About The Transition From U.S. Generally Accepted Accounting Principles (Gaap) To International Financial Reporting Standards (Ifrs)
AbstractThe ultimate goal of a move to IFRS International Financial Reporting Standards isthe rigorous application of a single set of global accounting standards, which will produce high-quality, transparent financial information to help investors and other stakeholders in the world'scapital markets make economic decisions based on financial data that is easily and directlycomparable. Many believe this is a necessity for a vital and growing global economy. In this articlethe authors tried to present the issue of convergence between US Generally Accepted AccountingPrinciples (GAAP) and International Financial Reporting Standards (IFRS). Adoption of IFRS(International Financial Reporting Standards) in the US undoubtedly would mark a significantchange for many US companies. It would require a shift to a more principles-based approach,place far greater reliance on management (and auditor) judgment, and spur major changes incompany processes and systems.
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Bibliographic InfoArticle provided by Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia in its journal Annales Universitatis Apulensis Series Oeconomica.
Volume (Year): 1 (2009)
Issue (Month): 11 ()
Contact details of provider:
IFRS; US â€“ GAAP; SEC; IASB; FASB;
Find related papers by JEL classification:
- M48 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Government Policy and Regulation
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Differences between domestic accounting standards and IAS: Measurement, determinants and implications,"
Journal of Accounting and Public Policy,
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- Reese, William Jr. & Weisbach, Michael S., 2002.
"Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings,"
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Elsevier, vol. 66(1), pages 65-104, October.
- William A. Reese, Jr. & Michael S. Weisbach, 2001. "Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings," NBER Working Papers 8164, National Bureau of Economic Research, Inc.
- Chris Patel, 2004. "Some theoretical and methodological suggestions for cross-cultural accounting studies," International Journal of Accounting, Auditing and Performance Evaluation, Inderscience Enterprises Ltd, vol. 1(1), pages 61-84.
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