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Examining the differences between United States Generally Accepted Accounting Principles (U.S. GAAP) and International Accounting Standards (IAS): implications for the harmonization of accounting standards

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  • Akwasi A. Ampofo
  • Robert J. Sellani

Abstract

Current trends indicate continued movement towards the harmonization of accounting standards, but not without difficulty and concern. At times, the political and financial market pressure, push the movement in opposite directions. The paper discusses the conceptual framework used in establishing Global Generally Accepted Accounting Principles (GAAP) (International Accounting Standards, IAS) and U.S. GAAP. Numerous transactional examples are illustrated under both Global GAAP and U.S. GAAP treatment. Several country specific references are presented demonstrating the difficulty in achieving harmonization. Implications for harmonization of accounting standards include arguments “for” and “against” Global GAAP.

Suggested Citation

  • Akwasi A. Ampofo & Robert J. Sellani, 2005. "Examining the differences between United States Generally Accepted Accounting Principles (U.S. GAAP) and International Accounting Standards (IAS): implications for the harmonization of accounting stan," Accounting Forum, Taylor & Francis Journals, vol. 29(2), pages 219-231, June.
    • Handle: RePEc:taf:accfor:v:29:y:2005:i:2:p:219-231
    DOI: 10.1016/j.accfor.2004.11.002
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    Cited by:

    1. Haruna, Dzugwahi & Apedzan Emmanuel, Kighir, 2018. "Ifrs Adoption And Shareholders' Wealth Of Deposit Money Banks In Nigeria," International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), The Institute of Chartered Accountants of Nigeria (ICAN), vol. 7(2), pages 16-30, December.
    2. Kristýna Nývltová, 2018. "Financial health assesment from the accounting perspective in the case of agriculture," Economics Working Papers 2018-01, University of South Bohemia in Ceske Budejovice, Faculty of Economics.
    3. Francis Aboagye‐Otchere & Juliet Agbeibor, 2012. "The International Financial Reporting Standard for Small and Medium‐sized Entities (IFRS for SMES)," Journal of Financial Reporting and Accounting, Emerald Group Publishing Limited, vol. 10(2), pages 190-214, October.
    4. Charles McLure Jr., 2005. "The European Commission‘s Proposals for Corporate Tax Harmonization," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 6(01), pages 32-41, April.

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