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International monetary Reporting Standards To Replace U.S. G.A.A.P? Abstract The Securities and flip citizens committee ( moment) is considering accepting International monetary Reporting Standards (IFRS) for U.S. listed companies in lieu of Generally Accepted report Standards (GAAP). The SEC has been pensive the panorama for years and has supported the efforts of the International business relationship system Standards decrease along (IASB) and Financial Accounting Standards Board (FASB) in growth one and only(a) develop of global standards. This research paper volition explore the roles of the IASB and FASB, the bene check intos of having one world-wide standard for monetary reporting, the concerns if IFRS replaces U.S. GAAP and the service of the accounting system discipline if the FASB accepts IFRS for all entities. Information provided by the IFRS, IASB, FASB, accounting firms, KPMG and Ernst & Young, and the SEC will be employ to elaborate on this issuance and the transition. The role of the International Accounting Standards Board The International Accounting Standards Board develops and improves accounting standards. The IASB is comprised of 14 members from nine countries and is funded by major contributions from confused sources throughout the world.

The card sets accounting standards that will improve investor and market place information, arouse the accounting model and is capable of being tacit and apply consistently. According to Donald T. Nicolaisen, standards need to improve financial brain and fit within a logical and understandable framework. The principles implicit in(p) from each one standar d should be clear (www.sec.gov). The rol! e of the U.S. Financial Accounting Standards Board The Financial Accounting Standards Board develops and improves broad accounting standards and financial reporting for guidance and implementation. This independent body establishes and interprets U.S. GAAP. The FASB has been establishing standards of financial accounting that govern the preparation of...If you want to get a full essay, order it on our website: OrderEssay.net

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