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Our World Flipped Upside Down, Julie Blanchette
Our World Flipped Upside Down, Julie Blanchette
Undergraduate Review
During the past decade, there have been increasing discussions between the Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) regarding the harmonization of United States Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS). What used to be talk is now becoming a reality. On October 29, 2002 FASB and the International Accounting Standards Board (IASB) released the Memorandum of Understanding, which announced the significant steps that are being taken to converge the US and the International Accounting Standards. There are hopes for some parts of the convergence to be finalized by 2011, …