Evolution of single set of Accounting Standards | |
|Arman Hossain |
Evolution of single set of accounting standards
Table of Contents
1.Accounting Harmonisation 5
Harmonisation Process 5
2. The Current Status of the Conceptual Framework 9
Qualitative Characteristics 11
3. Choice between IFRS or US GAAP 13
Convergence with IFRS is now a global phenomenon that is rapidly gathering pace. The main purpose of this essay is to discuss on the evolution of the international accounting standards over the last three decades. The first section of the essay discusses how the international accounting standards (IAS) developed over the years and how it got accepted globally. Discussing the current situation and how the convergence is taking place globally. The second section explores problems currently faced by the FASB and IASB in developing a joint globally accepted Conceptual Framework. This includes in depth discussion regarding the conceptual framework and its effects. The third section contains the reason why International Financial Reporting Standard (IFRS) was rejected by the FASB in the past and the reason for the recent support given to IASB by SEC (Security Exchange Commission).
1. Accounting Harmonisation
The financial reporting...