It is not surprising that many people who follow the development of worldwide accounting standards today might be confused.
While the US and international standards do contain differences…the areas of divergence seem to have disproportionately overshadowed the similarities.
Yet much is still made of the many differences that exist between US GAAP as promulgated by the FASB and International Financial Reporting Standards (IFRS) as promulgated by the IASB, suggesting that the two GAAPs continue to speak languages that are worlds apart.
See full Press Release.
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