Research Paper
Intermediate Accounting II
Jason
The world as we know it is changing and along with it is an effort of increasing
comparability between accounting procedures by having one set of accounting requirements.
This goal to merge our accounting ways is called an international convergence in which over 100
countries are making an effort to follow a single set of accounting standards. Projects during the
convergence will aim to reduce differences in between our accounting standards as well as
improving them.
Currently in the United States our accounting system is called GAAP (Generally
Accepted Accounting Principles) which is developed and handled by the FASB (Financial
Accounting Standards Board). FASB is a non-profit organization that was started in 1973 to
replace its’ predecessors the Accounting Principles Board (APB) and the Committee on
Accounting Procedure (CAP) of the American Institute of Certified Public Accountant (AICPA).
