Final Paper

748 words - 3 pages

Proposed changes by the International Accounting Standards Board and how it will affect U.S. GAAP

Patrick C. Finney

American Public University System

Back in 2002, the United States reached an agreement with the International Accounting Standards Board or IASB addressing the need to develop a common worldwide standard for financial reporting under the Generally Accepted Accounting Practices (GAAP) and the International Financial Reporting Standards or IFRS. This meeting resulted in what is known as the, “Norwalk Agreement.” What was discussed at that meeting was an agreement to streamline the financial reporting process to make more compatible. ...view middle of the document...

Furthermore, there has been some resistance among nations to conform to the proposed recommendations by the International Accounting Standards Board and the understanding set forth within the Norwalk Agreement of 2002. A major concern of U.S. Corporations on the adoption of these International Standards is quality. If the model of the IFRS is to look from a principle based approach, then it leaves open to interpretation on any given set of contingencies. According to an article in the International Journal of Business, Accounting, and Finance about the accounting field in the United States, “there seems to be an overall uneasiness towards the quality of IFRS. (Rapp and Zell, 2009). This principal based idea that IFRS currently uses will not account for much individual discretion amongst companies in this new reporting process. This discretion is the main sticking point for implementation by the United States on implementing IFRS revenue recognition techniques and again, quality being the main goal the the United States. This may never be implemented, and the Norwalk Agreement maybe moot. The U.S. Has a rules based system to account for every financial transaction (Aghimien, P., & Khalid, B, 2013).

In summary, the world may never agree on which standards should prevail in...

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