Record Details

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

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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