Honors Program Thesis (UNI Access Only)
Accounting standards; United States-Generally Accepted Accounting Principles;
The buzz in today’s accounting world is about the convergence of the United States Generally Accepted Accounting Principles (U.S. GAAP) with International Financial Reporting Standards (IFRS). In the past, all companies on the U.S. securities exchange were required to prepare financial statements according to U.S. GAAP. If they were a foreign company, they were required to prepare a reconciliation of their statements to U.S. GAAP. However, this has prevented some markets from realizing their full potential because of the seemingly inexhaustible rules and regulations that our country requires. In response, a proposal in 2005 suggested that the United States start integrating international standards into their system since the world is becoming increasingly more global (PwC: IFRS, 2007). This proposal led to an ongoing convergence process that is currently evolving and being implemented.
Year of Submission
Department of Accounting
University Honors Designation
A thesis submitted in partial fulfillment of the requirements for the designation University Honors
© 2008 Linsey Dee Lain
Lain, Linsey Dee, "Convergence of IFRS and U.S. GAAP: Implications on the public accounting profession" (2008). Honors Program Theses. 94.