The recent “accounting” scandals reinforced the importance of standards in accounting and business. This area of CreditPulse will monitor select changes and modifications of accounting standards and other standards that effect business by governing bodies such as the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA). Also, we will monitor enforcement of various rules and standards by both the Securities and Exchange Commission (SEC) and the Federal Reserve Board. Standards Convergence: The Movement Toward International Accounting Standards
July 7, 2008
The integration of European capital markets and the rapid growth of China's economy and capital markets have increased the pressure to merge the various accounting standards of the world into one cohesive accounting standard -- a movement known in the accounting world as convergence.
Read below as one of the foremost experts on the impending convergence between U.S. GAAP and International Financial Reporting Standards (IFRS) provides insight on what will likely be the biggest change in accounting standards and reporting since the Securities and Exchange Act of 1934.
Approximately 1,100 corporate accounting and finance professionals from around the country, and some from around the world, gathered in Tampa, Florida two weeks ago for the Institute of Management Accountants (IMA) 89th Annual Conference & Exhibition.
