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Some Issues About The Transition From U.S. Generally Accepted Accounting Principles (Gaap) To International Financial Reporting Standards (Ifrs)

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Author Info

  • Hlaciuc Elena

    (Stefan cel Mare University of Suceava)

  • Mihalciuc Camelia Catalina

    (Stefan cel Mare University of Suceava)

  • Cibotariu Irina Stefana

    (Stefan cel Mare University of Suceava)

  • Apetri Anisoara Niculina

    (Stefan cel Mare University of Suceava)

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    Abstract

    The 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 Info

    Article 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 ()
    Pages: 28

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    Handle: RePEc:alu:journl:v:1:y:2009:i:11:p:28

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    Related research

    Keywords: IFRS; US – GAAP; SEC; IASB; FASB;

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    1. Jose Luis Ucieda Blanco & Beatriz Garcia Osma, 2004. "The comparability of international accounting standards and US GAAP: an empirical study of Form 20-F reconciliations," International Journal of Accounting, Auditing and Performance Evaluation, Inderscience Enterprises Ltd, vol. 1(1), pages 5-36.
    2. Ding, Yuan & Hope, Ole-Kristian & Jeanjean, Thomas & Stolowy, Herve, 2007. "Differences between domestic accounting standards and IAS: Measurement, determinants and implications," Journal of Accounting and Public Policy, Elsevier, vol. 26(1), pages 1-38.
    3. Reese, William Jr. & Weisbach, Michael S., 2002. "Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings," Journal of Financial Economics, Elsevier, vol. 66(1), pages 65-104, October.
    4. 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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