Question

What will be a good abstract overview for the topic according to Financial Statement of GAAP and IFRS?

Answer 1

ABSTRACT The Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) have been working jointly loward the convergence of the U.S.generally accepted accounting principles (GAAP) and the international financial reporting standards (IFRS). However, several arguments still exist as to whether or not U.S. companies should adopt or converge with IFRS. This qualitative study identified the differences noted between rules-based and principles-based accounting, and discussed the impact of these accounting standards on financial reporting. Additionally, several resources were analyzed to understand the path to convergence and the future stale of IFRS. The examination of information regarding the transition towards one single set of accounting standards led to the development of two alternate conclusions. Although research allow's for the belief that convergence with IFRS is imminent, the fact remains that FASB and IASB will need to work diligently in order to resolve the differences between the two sets of accounting standards. Keywords: GAAP, IFRS, FASB, IASH, Adoption, Convergence, Rules-based, Principles based, Accounting Standards, Financial Reporting

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