About This Chapter
The United States had been a supporter of international accounting since 1973 and was a very active participant for the period from 2002 to 2012. It directed considerable resources into the development of International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and, at the same time, changed parts of its own regulations so that they complemented the international approach to accounting issues.
Unlike other jurisdictions, including Australia, Canada, and countries in the European Union (EU), the Financial Accounting Standards Board (FASB) chose not to adopt IFRS as originally drafted. Instead, it worked with the IASB in developing standards ...
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