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Reporting Standards and Accounting Principles

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

REQUIRED:
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the business combinations: Phase II.

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fin/acct- M5-2

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

REQUIRED:
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the business combinations: Phase II

There have been several efforts made toward the convergence of IFRS and GAAP on the business combinations: Phase II. Leshaw (n.d.) references that, "There are four key initiatives that would further the goal of convergence between IASB and FASB. These initiatives include: having a liaison IASB member on site at the FASB offices, FASB monitoring of IASB projects, the convergence research project, and explicit consideration of convergence potential in all Board agenda decisions.

While the first two of these are currently being accomplished, the second two, along with the major projects, will involve substantial work in order to be accomplished. The ...

Solution Summary

This solution discusses International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).

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