The SEC is aware that global markets and US investors would be best served by the convergence of accounting standards
The SEC is aware that global markets and US investors would be best served by the convergence of accounting standards, as this would lead to high quality financial statements with greater comparability internationally. The SEC appears committed to moving global convergence project forward.
1) Where does this global convergence project stand? What changes have been made to US GAAP to be more in line with IFRS? How has this affected US companies and their economic environment?
2) What differences remain? What needs to be done to eliminate these differences?
3) List at least two differences between US GAAP and IFRS for each of the following components of the financial statement: a) Income Statement b) Balance Sheet c) Notes to the Financial Statement
4) How have other countries (besides the US) adapted their standards to IFRS? Provide at least one example.
5) Forecast whether a complete convergence is on the horizon and make recommendations on how the US and other countries can make it a reality. Provide sources. You need to list at least two sources other than the textbook and the pwc guide.
Please write at least 10 pages, using simple words and grammar.
Answer preview The SEC is aware that global markets and US investors would be best served by the convergence of accounting standards
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