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International Accounting Standards

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Please help answer the following questions. Include references.

What are at least three International Accounting Standards (IASs)? Are these standards the same as U.S. standards? Why or why not? Is it necessary to have global standards? Why or why not?

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The following posting helps answer international finance questions. It names three international accounting standards and discusses the necessity of having global standards. Include references in the solution.

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The two major international Accounting Standards are IFRS (International Financial Reporting Standards) of the International Accounting Standards Board and US GAAP or Generally Accepted Accounting Principles of Federal Accounting Standards Board. The US GAAP is the same as the US standards because it is administered by Federal Accounting Standards Board in USA and US companies adhere to these standards. IFRS are international standards.

Yes, it is extremely necessary to have global standards in accounting to ensure consistency in financial reporting among companies in ...

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