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Pick a Number by Audra Ong, Roger Hussey

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CHAPTER 3

The U.S. Engagement

About This Chapter

The United States has been a supporter of international accounting since 1973 and a very active player since 2002. It has directed considerable resources into the development of International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and at the same time has changed parts of its own regulations so that they complement the international approach to accounting issues.

Unlike other jurisdictions, including Australia, Canada, and countries in the European Union (EU), the Financial Accounting Standards Board (FASB) has chosen not to adopt IFRS as they stand. Instead, it has worked with the IASB in developing standards that both Boards find acceptable. ...

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