The first edition of this book explained the efforts of the
International Accounting Standards Board (IASB) to develop
accounting regulations to be used worldwide. In 2002, progress was
accelerated by the decision of Financial Accounting Standards Board
(FASB) in the United States to converge their regulations with
international standards. This second edition describes the
successes and failures of the convergence project. The U.S.
involvement brought about many changes in corporate financial
reporting, but there were differences in opinions on specific
issues. This resulted in the FASB, US focusing on its own
regulations. We explain the main convergence achievements and also
the differences leading to the end of the project. Our analysis
reviews new developments in corporate reporting, including the
issues of sustainability, governance, and integrated reporting.
General
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