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    Financial Accounting Standards Board: Convergence of IFRS and GAAP

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    The Financial Accounting Standards Board (FASB) has undertaken several key initiatives to pursue the goal of convergence of the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). Furthermore, FASB conducts several joint projects with the International Accounting Standard Board (IASB) and works with the IASB on the short-term convergence project.

    Discuss the efforts made toward convergence of the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP) on the conceptual framework project.

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    https://brainmass.com/business/GAAP/fasb-ifrs-gaap-170117

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    financial/accounting (M42)

    The Financial Accounting Standards Board (FASB) has undertaken several key initiatives to pursue the goal of convergence of the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). Furthermore, FASB conducts several joint projects with the International Accounting Standard Board (IASB) and works with the IASB on the short-term convergence project.

    The efforts made toward convergence of the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP) on the conceptual framework project has been significant. The FASB states that, "In October 2002, the FASB and the International Accounting Standards Board (IASB) announced the issuance of a memorandum of understanding ("Norwalk Agreement"), marking a significant step toward formalizing their commitment to the convergence of U.S. and international accounting standards.

    The efforts made consist of: The FASB undertaking the following six key initiatives to further the goal of convergence of U.S. GAAP with International Financial Reporting Standards (IFRS):

    1. Joint projects being conducted with the IASB. Joint projects are those that standard setters have agreed to conduct simultaneously in a coordinated manner. Joint projects involve the sharing of staff resources, and every effort is made to keep joint projects on a similar time ...

    Solution Summary

    Discusses the efforts/initiatives of the financial accounting standards board in combining the IFRS and GAAP

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