Convergence of Ifrs and Us Gaap

15636 Words Apr 12th, 2013 63 Pages

Department of Law, Economics, Accountancy & Risk

BA (Hons) Accountancy

Honours Dissertation – Year 2012/2013

Author: David Mcconnell

Title: ‘A critical analysis into the convergence of IFRS and US GAAP in the United States’

“I declare that this dissertation is my own original work and has not been submitted elsewhere, wholly or partly, in the fulfilment of the requirements of this or any other award. Academic citation standards have been maintained and I have made due acknowledgement to the work of others where used in direct quotation and general reference.”
Signed ____________________________________________________________________


First of all I would like to take this
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However, despite best efforts, the transition will still cause some problems with relation to changeover costs and increased training, particularly for current users of US GAAP. Therefore, despite the process being one which is expected to be beneficial to many and establish a significant improvement in harmonisation, there will still be some difficulties in regards to financial reporting that companies in the US may face. The main aim of this research is to critically assess the convergence of IFRS and US GAAP from the point of view of the US, and evaluate the alterations in financial reporting standards that will cause problems for companies and consumers in the US

Introduction 1.1 Background
Over the last decade, the way in which financial reporting is carried out has seen some significant advancements. One of the most momentous changes has been the introduction of International Financial Reporting Standards (IFRS), which have been adopted broadly throughout the world, with one major exception, the United States. Before accounting standards can be considered truly global, this exception has to be resolved. The prospect of such an occurrence took massive strides in 2002, when the Financial Accounting Standards Board (FASB); responsible for standard-setting in the US, announced their intention to work alongside the IASB in order to converge IFRS with US GAAP. For the first time, a truly global set of accounting standards seemed a

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