While the concept of unified global accounting standards enjoys broad appeal, the efforts of the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) to forge them have proven difficult.
Indeed, as the two boards have held joint meetings this year the disagreements over which accounting principles to embrace have proven to be profound. Last week Reuters published an account quoting CEOS and CFOs questioning the feasibility and desirability of moving the Generally Accepted Accounting Principles (GAAP) used in the U.S. toward the International Financial Reporting Standard (IFRS) championed by IASB.
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