Financial Reporting

For many years, countries developed their own accounting standards. They were rules-based, principle-based, business-oriented, tax-oriented … in one saying, they were all different. With globalization, the need to harmonize these assesses was not only conspicuous but necessary.

By the end of the '90s, the two predominant assesses were the U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). And, both standard setters, IASB (International Accounting Standards Board) and FASB (Financial Accounting Standards Board), begun a convergence task even before IFRS was actually taken up by many countries.

Now, that the U.S. is evidently going in the main heading of ...