IFRS Vs US GAAP

The word "equality" has become very popular in the world of accounting. Convergence describes the elimination of differences and it has become a priority for the international accounting standards (IASB) Board and the U.S. Financial Accounting Standards Board (FASB) both. Both FASB and IASB to understand that there is a lot that in order for them to be two sets of standards need to be able to converge. FASB and IASB's goal is lower costs for multinational corporations and investors to compare companies in different countries to give appropriate opportunity, and this convergence is required. Adoption of IFRS, companies as foreign competitors can offer in the way their financial statements. The subsidiaries in different countries with companies that IFRS since they will be able to use the same accounting language will benefit allowed. On the other hand, the accounting world, many people believe that there are a couple of disadvantages of adopting IFRS. They believe that U.S. GAAP is the gold standard and we fully accept IFRS in the U.S. that we will lose a certain level of quality and IFRS implementation costs may outweigh the benefits.

Convergence towards the projects are important and help all countries will achieve the same accounting framework. A common framework is essential in accounting accounting profession and is a necessary part of the globalization of trade and investment. The main question that arises when discussing GAAP versus IFRS where two sets of standards are similar and where they diverge. IASB International Financial Reporting Standards or IFRS accounting standards that the public company for the preparation of financial statements is becoming the global standard developed by the one set. Many people in the accounting profession does not know why these differences exist and what can be done to eliminate them, that they never expire.

First, the gap that exists between two sets of parameters considered before we make it clear the United States have many differences that make international standards, they are far more similarities. Most share the same fundamental principles of IFRS and U.S. GAAP and as a result uniform accounting conceptual framework is based on. What sets U.S. standards with international standards of the country except that it contains elements from a range of accounting standards. These standards look at the IASB and U.S. standards to determine where the changes evident in the American standard could avoid some of the problems was able to create the. In other words, it's to take a new approach to current U.S. standards for and was able to try to improve them. This is because the main difference between IFRS and U.S. with GAAP requirements of U.S. standards basically deviation. Other differences have been developed through various interpretations. U.S. GAAP to IFRS generally widespread and preparers and auditors prefer to leave the implementation of the principles.

Many wonder if the differences between two sets of standards these will never end. Both IFRS and U.S. GAAP is leading the effort to achieve that goal. In 2002, he "Norwalk Agreement" an agreement, he and two sets of standards for commitment to work towards convergence signed. Securities and Exchange Commission has played a major role in the convergence of the proposed plan. As long as the SEC allow U.S. companies to IFRS convergence of the issues of governance, companies must continue to follow U.S. GAAP. SEC to all companies to adopt IFRS beginning in 2014 and 2015 or by 2016 to U.S. issuers under the new system report expected. However, we realize that convergence should not mean that all differences will disappear. They were also present in the standard convergence can.

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