Convergence of Ifrs and Us Gaap
GLASGOW CALEDONIAN UNIVERSITY
Department of Law, Economics, Accountancy & Risk
BA (Hons) Accountancy
Honours Dissertation – Year 2012/2013
Author: David Mcconnell
Title: ‘A critical analysis into the convergence of IFRS and US GAAP in the United States’
“I declare that this dissertation is my own original work and has not been submitted elsewhere, wholly or partly, in the fulfilment of the requirements of this or any other award. Academic citation standards have been maintained and I have made due acknowledgement to the work of others where used in direct quotation and general reference.”
Signed ____________________________________________________________________
Acknowledgements
First of all I would like to take this opportunity to thank my dissertation tutor for instilling in me the necessary confidence to carry out this research. The assistance I received was instrumental in me completing the piece of work. I would also like to acknowledge the role the accounting staff has played in my progression through 4 years of hard study. Their hard work has given me the motivation and ability to complete my course and seek a career as an accountant.
Contents
Front Cover i
Declaration ii
Acknowledgements iii
Contents iv
Abstract v
Chapter 1: Introduction
1.1 Background 1
1.2 Aims and Objectives 3
1.3 Data Gathering and Analysis 4
1.4 Difficulties and Limitations 5
Chapter 2: Accounting Standards
2.1 Accounting Standards History 6
2.2 Domestic Standards 7
2.3 International Standards 9
2.4 History of US GAAP 11
Chapter 3: International Convergence of Accounting Standards
3.1 Convergence 14
3.2Condorsement 17
3.3 Arguments for and Against Convergence 18
Chapter 4 IFRS in the United States
4.1 Conceptual Framework 25
4.2 Rule v Principle Based Standards 28
4.3 Latest Update on Convergence Project 32
Department of Law, Economics, Accountancy & Risk
BA (Hons) Accountancy
Honours Dissertation – Year 2012/2013
Author: David Mcconnell
Title: ‘A critical analysis into the convergence of IFRS and US GAAP in the United States’
“I declare that this dissertation is my own original work and has not been submitted elsewhere, wholly or partly, in the fulfilment of the requirements of this or any other award. Academic citation standards have been maintained and I have made due acknowledgement to the work of others where used in direct quotation and general reference.”
Signed ____________________________________________________________________
Acknowledgements
First of all I would like to take this opportunity to thank my dissertation tutor for instilling in me the necessary confidence to carry out this research. The assistance I received was instrumental in me completing the piece of work. I would also like to acknowledge the role the accounting staff has played in my progression through 4 years of hard study. Their hard work has given me the motivation and ability to complete my course and seek a career as an accountant.
Contents
Front Cover i
Declaration ii
Acknowledgements iii
Contents iv
Abstract v
Chapter 1: Introduction
1.1 Background 1
1.2 Aims and Objectives 3
1.3 Data Gathering and Analysis 4
1.4 Difficulties and Limitations 5
Chapter 2: Accounting Standards
2.1 Accounting Standards History 6
2.2 Domestic Standards 7
2.3 International Standards 9
2.4 History of US GAAP 11
Chapter 3: International Convergence of Accounting Standards
3.1 Convergence 14
3.2Condorsement 17
3.3 Arguments for and Against Convergence 18
Chapter 4 IFRS in the United States
4.1 Conceptual Framework 25
4.2 Rule v Principle Based Standards 28
4.3 Latest Update on Convergence Project 32
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