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Pick a Number by Audra Ong, Roger Hussey

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CHAPTER 2

The Move Toward International Accounting

About This Chapter

Although the United States had implemented a procedure for rigorous accounting regulations within its own borders, one serious problem arose. As business became more international, the issue of countries developing their own, unique accounting standards became apparent. The financial statements of a company in one country could not be compared to that from another country as the rules in drawing them up were different. If a foreign company wished to be listed on the New York Stock Exchange, it would either have to do reconciliation with U.S. Generally Accepted Accounting Principles (GAAP) or draw up new financial statements complying with U.S. GAAP.

It did not make sense that ...

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