IFRS AND GAP CONVERGENCE - Essay Example

Only on StudentShare

Extract of sample
IFRS AND GAP CONVERGENCE

GAAP stands for General accepted accounting principles and are the set of standards developed by US, keeping their needs in mind. On the other hand, IFRS stands for international financial reporting standards are standards developed by UK. In the past financial statements were relevant to these respective countries only but globalization has called for the need of one set of standards. Convergence of international accounting refers to the goal and the path taken to reach one set of standards that are followed throughout the world. The goal is to eliminate the differences and to improve the standards. Various accounting textbooks now feature a mixture of both standards, by presenting financial statements in both formats. The aim is to inform students about the difference in language and presentation so that they apply the relevant standards in future. Currently both organizations aim to converge GAAP of US and IFRS of UK and later they plan to develop one set of standards for the world. ...
Download paper

Summary

IFRS AND GAP CONVERGENCE Globalization has changed the capital markets dramatically and these changes are visible in every field. Technological advances are now carried forward keeping in mind the need of the entire world rather than one country. The world is now a global village and every step taken by a company has implications that reach every corner of the world…
Author : vcollins

Related Essays

Finance and Accounting Research Paper: The International Financial Reporting Standards
10 pages (2510 words) Research Paper
Law of Tort. Majrowski v Guys and St. Thomas NHS Trust. Rylands v Fletcher.
12 pages (3012 words) Coursework
Convergence from GAAP to IFRS
4 pages (1004 words) Essay
In this age of globalisation, while it is absolutely necessary for large listed companies in different countries to prepare fina
9 pages (2259 words) Essay
MF Global
5 pages (1255 words) Research Paper
convergence between GAAP and IFRS
4 pages (1004 words) Essay
IFRS
4 pages (1004 words) Essay
IFRS and GAAP Convergence
4 pages (1004 words) Essay
Principles of accounting 1
10 pages (2510 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!