The main idea behind this paper is to highlight the background and
current movements of International Accounting Standards Board
(IASB) and Financial Accounting Standards Board (FASB) toward
convergence of International Financial Reporting Standards (IFRS)
and US Generally Accepted Accounting Principles (GAAP). Subsequent
to introductory chapter the second chapter discusses the historical
perspectives describing the various events that shaped the IASB and
FASB current efforts towards convergence of IFRS and US GAAP. The
third chapter describes the strategies policies and procedures
adopted by the IASB/FASB to achieve the goal for international
accounting convergence. The focus is on the maintainability of
investors' interest and integrity of capital markets that can only
be achieved by observing methods required for high quality
accounting standards. Fourth chapter identifies the substantive
differences and similarities between IFRS and US GAAP and catalogue
those differences in which a specific accounting treatment is
permissible under one basis of accounting standards but not
permissible under the other.
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