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Monitoring the Countdown to Convergence
Blame it on the collapse of the Enron, Worldcom, the financial crisis or globalization. The Financial Accounting Standards Board (FASB) has been under pressure to come up with the globally improved financial reporting standards. Anyone following U.S. GAAP needs to track the overhaul of the International Financial Reporting Standards (IFRS) as it converges U.S. GAAP [...]
Much has changed over the past year — market conditions, near-term convergence between IFRS and US GAAP, and the issuance of important new standards. IFRS is affecting US and non-US companies in a variety of ways and this will increase as non-US subsidiaries adopt IFRS elsewhere in the world and as key aspects of US [...]
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