Solution-Why countries such as the united states have not

Why countries such as the united states have not adopted

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Reference no: EM132995886

The objective of this project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP. The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in October 2002 (the 'Norwalk Agreement').

The IASB-FASB convergence project was of particular importance as:

The US Securities and Exchange Commission (SEC) was considering whether to adopt, or allow, IFRS for use by domestic issuers in the United States, and gave consideration to the success of the convergence process as part of this assessment.
The Leaders of the Group of 20 (G20) issued a statement in 2009 calling for the convergence of accounting standards in the member nations by 2011. Whilst the original June 2011 deadline has not been met, subsequent G20 meetings in 2012 and 2013 reaffirmed the commitment to achieve convergence of accounting standards.

Problem 1: Identify and explain five (5) factors which may explain why countries such as the United States, China, India, Indonesia and Vietnam have not adopted international financial reporting standards (IFRS)

Reference no: EM132995886

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Why countries such as the united states have not adopted

Reference no: EM132995886

Reference no: EM132995886

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