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International US Financial Reporting Convergence Report

Essay specific features

 

Issue:

Business

 

Written by:

Genevieve B

 

Date added:

September 7, 2015

 

Level:

University

 

Grade:

B

 

No of pages / words:

10 / 2540

 

Was viewed:

5968 times

 

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Essay content:

Accountants and other financial reporters have known for some time that the financial structure of the world is evolving and expanding with each of its economies moving away from segregation and further towards a global capital market. The need for a single set of accounting standards then, to accommodate and ease this transition, is seen as an overriding necessitation...
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In an effort to raise solutions to this impending need, the IASB and the FASB have continued to convene in an effort to converge standards in one of the world’s biggest markets, the U.S. The preparation for convergence began in 2002 and has been gathering momentum and support ever since. In an attempt to quicken the process, the IASB and the FASB, have released ‘roadmaps’ which seek to accomplish full implementation by 2009...
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