Category: Global accounting standards
A single set of global accounting standards seems like a dream, but there’s a sliver of hope
During my time in public accounting in Canada and throughout my experience in the U.K., differences between various countries’ generally accepted accounting principles were often front and center. There were continual di…
See MoreLatest revenue recognition guidance: throw out the recipe box
It’s been more than a decade in the making, but the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are in the final throes of issuing a global revenue recognition stan…
See MoreIASB vs. FASB: What’s the difference?
The SEC is expected to issue a recommendation before the end of the year that may require publicly held companies to adopt international accounting standards issued by the International Accounting Standards Board (IASB). I…
See MoreOn the menu: IFRS and “diet” IFRS
Ever thought moving to International Financial Reporting Standards (IFRS) would make financial reporting easier for small private companies? Think again. In 2009, after several years of due diligence, the International Acc…
See MoreGlobal accounting standards need more than just U.S. adoption
Everyone supports a single set of global accounting standards, and there is a big spotlight on the United States and its pending decision process to adopt or incorporate IFRS into its reporting structure. However, there is…
See MoreA mismatched set of semi-global accounting standards—was that our goal?
Conceptually, a single set of high-quality global accounting standards sounds great: every company in every country follows the same rules and reports financial information in the same light. And with a growing number of c…
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