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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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How are U.S. GAAP and IFRS changing over time?

To determine

Describe the ways in which GAAP and IFRS are changing over time.

Explanation

International Accounting Standards Board (IASB): It is an international accounting standard setter, and it is a private body. This develops and approves IFRS (International Financial Reporting Standards).

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates (Generally Accepted Accounting Practices) GAAP.

Both IASB and FASB are structured similarly in order to develop and approve accounting standards, but IASB approves and develops IFRS, whereas FASB approves and develops GAAP.

FASB and IASB took collaborative efforts to improve GAAP and worked toward convergence since the “Norwalk Agreement” in 2002...

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