The Convergence of U.S. GAAP with IFRS: A Comparative Analysis of Principles-based and Rules-based Accounting Standards
Scholedge International Journal of Business Policy & Governance
View Archive InfoField | Value | |
Title |
The Convergence of U.S. GAAP with IFRS: A Comparative Analysis of Principles-based and Rules-based Accounting Standards
|
|
Creator |
Guillaume, Oris; Post-Doctoral in Accountancy, Professor of Management, Chair Graduate Business Programs Shorter University Pierre, Denel; Adjunct Professor of Finance and Accounting, Argosy University |
|
Subject |
Accounting
GAAP, IFRS, FASB, IASB, Adoption, Convergence, Rules-based, Principles-based, Accounting Standards, Financial Reporting |
|
Description |
The Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) have been working jointly toward the convergence of the U.S. generally accepted accounting principles (GAAP) and the international financial reporting standards (IFRS). However, several arguments still exist as to whether or not U.S. companies should adopt or converge with IFRS. This qualitative study identified the differences noted between rules-based and principles-based accounting, and discussed the impact of these accounting standards on financial reporting. Additionally, several resources were analyzed to understand the path to convergence and the future state of IFRS. The examination of information regarding the transition towards one single set of accounting standards led to the development of two alternate conclusions. Although research allows for the belief that convergence with IFRS is imminent, the fact remains that FASB and IASB will need to work diligently in order to resolve the differences between the two sets of accounting standards.
|
|
Publisher |
Scholedge R&D Center
|
|
Contributor |
—
|
|
Date |
2016-08-15
|
|
Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — |
|
Format |
application/pdf
|
|
Identifier |
http://thescholedge.org/index.php/sijbpg/article/view/316
10.19085/journal.sijbpg030501 |
|
Source |
Scholedge International Journal of Business Policy & Governance ISSN 2394-3351; Vol 3, No 5 (2016); 63-72
2394-3351 |
|
Language |
eng
|
|
Relation |
http://thescholedge.org/index.php/sijbpg/article/view/316/405
|
|
Rights |
Copyright (c) 2016 Scholedge International Journal of Business Policy & Governance ISSN 2394-3351
http://creativecommons.org/licenses/by-nc/4.0 |
|