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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.

    (1). Discussed CPAs' attitudes toward harmonization of international accounting.

    (2). Discussed CFOs' attitudes toward harmonization of international accounting.

    (3).Discussed the quality of the international accounting standards.
    Cited three references.

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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.

    (1) Discuss CPA attitudes toward harmonization of international accounting
    (2) Discuss CFO attitudes toward harmonization of international accounting

    Background:

    Entrepreneur.com (1998) references that, "Today, business expansion across national boundaries is commonplace. As a result, companies operate in countries where accounting principles differ according to local cultures and laws. As businesses continue to grow globally so does the need for uniform accounting principles. The organization asked to create international accounting principles is the International Accounting Standards Committee (IASC). Though the IASC has contributed greatly in the past two decades to the creation of worldwide principles, there is still room for progress ...

    Solution Summary

    Over 1000 words, with references, outlines CPA and CFO attitudes to harmonizing international accounting as well as the quality of these standards.

    $2.19