Financial Performance With International Peers Essay

1132 Words Nov 6th, 2016 5 Pages
According to the IFRS website, International Financial Reporting Standards (IFRS Standards) are accounting standards developed by the International Accounting Standards Board (IASB). This enables organisations to compare financial performance with international peers. The following essay will compare and contrast the progress of the US and China as they advanced upon their convergence with the IFRS.
Initially, the US progressed through conversion of the IASB and the FASB. The FASB is the US financial accounting standards board, the IFRS website conveys that FASB provides a plan for the board’s standards setting activities. ICAEW’s website mentions that FASB is the only authoritative for the US generally accepted accounting principles (GAAP). The IASB however, shows a schedule of the current estimates of documents. In 2002, the international accounting standards board and the financial accounting standards board (FASB) decided to collate with national regional bodies. The IFRS website further explains that by 2006-2008, these boards had increased their attachment and established goals which they expected to reach by the year 2008. A joint progress report was then issued in 2012 by the IASB and FASB. This resulted in updates on these two boards being published imply the future plans of convergence. ACCA global support this in their memorandum of understanding by stating that “convergence was achieved through the development of high quality common standards overtime.” This…

Related Documents