From the course: Accounting Foundations: Global Finance and Accounting

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Convergence of IFRS and US GAAP

Convergence of IFRS and US GAAP

From the course: Accounting Foundations: Global Finance and Accounting

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Convergence of IFRS and US GAAP

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- In its website, fasb.org, the FASB says the following about the beginnings of international accounting standard convergence: "Interest in international accounting began to grow in the late 1950s and early 1960s due to post World War II economic integration and the related increase in cross border capital flows. In its early days, the IASB, which was originally called the IASC, the International Accounting Standards Committee, assembled a list of differences in accounting standards around the world and sometimes identified preferred, though not required, choices. During the 1990s, while the IASC was refining its set of standards and increasing its international credibility, the FASB facilitated the creation of a major international accounting group, the G4. This G4 was comprised of the accounting standard setters from four countries: the United States, Canada, the United Kingdom, and Australia. When New Zealand was later added to the group, its label was changed to G4+1. Make no…

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