The Convergence Journey: Comparison and Critical Analysis of the Financial Accounting Standards Codification (US GAAP) and International Financial Reporting Standards (IFRS)
Book Details
PublisherGarceta
ISBN / ASINB0158E98IW
ISBN-13978B0158E98I5
Sales Rank2,250,704
MarketplaceUnited States 🇺🇸
Description
This book is written for the current and future student of accounting.{2} Its chapters reflect the current divergence/convergence of accounting concepts and principles occurring within the globalized world of commerce. Historically, two forces have been active in the convergence of accounting concepts and principles (and an assumption of this text is that these forces will continue):
1. Accounting concepts and principles are created, modified, and converge naturally with the expansion of new, as well as, new types of commerce, including trade, in ever larger venues, and
2. Individuals (early on more likely than not, mathematicians) took it upon themselves, and now, independent institutions take it upon themselves, to merge the previous knowledge [concepts and principles] of accounting with the new and spread their related principles to a wider global market and audience.
The chapters in this book reflect the current state of convergence of accounting concepts and principles between the two major independent institutions, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). The topics and chapter structure are designed to facilitate an understanding of the current state of divergence/convergence and provide examples of how the accounting concepts and principles will be or are integrated into financial reporting.
But to understand the following chapters, the student of accounting must understand the foundations upon which today’s accounting concepts and principles are built. The purpose of this Introduction is to provide a foundation upon which the student of accounting can interpret the current state of accounting as a science. To this purpose, the Introduction 1) provides a brief history of how accounting concepts and principles arrived at the beginning of the 21st century, 2) a brief review of the current underlying accounting concepts propagated by the FASB (Accounting Concepts) and IASB (Accounting Framework) and 3) an overview of how the majority of chapters are structured so the student can quickly and easily navigate through a chapter finding the salient information they seek.
1. Accounting concepts and principles are created, modified, and converge naturally with the expansion of new, as well as, new types of commerce, including trade, in ever larger venues, and
2. Individuals (early on more likely than not, mathematicians) took it upon themselves, and now, independent institutions take it upon themselves, to merge the previous knowledge [concepts and principles] of accounting with the new and spread their related principles to a wider global market and audience.
The chapters in this book reflect the current state of convergence of accounting concepts and principles between the two major independent institutions, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). The topics and chapter structure are designed to facilitate an understanding of the current state of divergence/convergence and provide examples of how the accounting concepts and principles will be or are integrated into financial reporting.
But to understand the following chapters, the student of accounting must understand the foundations upon which today’s accounting concepts and principles are built. The purpose of this Introduction is to provide a foundation upon which the student of accounting can interpret the current state of accounting as a science. To this purpose, the Introduction 1) provides a brief history of how accounting concepts and principles arrived at the beginning of the 21st century, 2) a brief review of the current underlying accounting concepts propagated by the FASB (Accounting Concepts) and IASB (Accounting Framework) and 3) an overview of how the majority of chapters are structured so the student can quickly and easily navigate through a chapter finding the salient information they seek.
