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Accounting Conservatism In International Financial Reporting Standards And U.S. Generally Accepted Accounting Principles, Hang Minh Pham
Accounting Conservatism In International Financial Reporting Standards And U.S. Generally Accepted Accounting Principles, Hang Minh Pham
Inquiry: The University of Arkansas Undergraduate Research Journal
During the past five years, the number of US. citizens who own foreign securities has increased by thirty percent. This trend has led to the need for a uniform accounting system that would increase the comparability and consistency of financial statements across countries in the world. Today, over 100 countries have adopted International Financial Reporting Standards (IFRS) as their primary accounting system. The European Union required the use of IFRS in 2005. In the U.S., the Securities and Exchange Commission is considering the adoption of IFRS in 2014. IFRS and U.S. Generally Accepted Accounting Principles (GAAP) are different in many …