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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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Listed:
  • Hlaciuc Elena
  • Mihalciuc Camelia Catalina
  • Cibotariu Irina Stefana
  • Apetri Anisoara Niculina

Abstract

The ultimate goal of a move to IFRS International Financial Reporting Standards is the 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's capital markets make economic decisions based on financial data that is easily and directly comparable. Many believe this is a necessity for a vital and growing global economy. In this article the authors tried to present the issue of convergence between US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Adoption of IFRS (International Financial Reporting Standards) in the US undoubtedly would mark a significant change 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 in company processes and systems.

Suggested Citation

  • Hlaciuc Elena & Mihalciuc Camelia Catalina & Cibotariu Irina Stefana & Apetri Anisoara Niculina, 2009. "Some Issues About The Transition From U.S. Generally Accepted Accounting Principles (Gaap) To International Financial Reporting Standards (Ifrs)," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-28.
    • Handle: RePEc:alu:journl:v:1:y:2009:i:11:p:28
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    References listed on IDEAS

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    3. 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.
    4. 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.
    5. Alexandra Fontes & Lúcia Lima Rodrigues & Russell Craig, 2005. "Measuring convergence of National Accounting Standards with International Financial Reporting Standards," Accounting Forum, Taylor & Francis Journals, vol. 29(4), pages 415-436, December.
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    More about this item

    Keywords

    IFRS; US - GAAP; SEC; IASB; FASB;
    All these keywords.

    JEL classification:

    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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