IFRS, US GAAP OR ROMANIAN REGULATIONS CAN THEY BECOME ONE?

IFRS, US GAAP OR ROMANIAN REGULATIONS CAN THEY BECOME ONE?

In a period when convergence is the main driving force of IASB and FASB programmes, who needs a comparison of the two sets of standards-IFRS issued by IASB and US GAAP issued by FASB? Arent they mainly the same after 5 years of hard work of those who establish the two sets of standards? The answer l...

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Bibliographic Details
Published in:Analele Universităţii din Oradea. Ştiinţe economice Vol. 1; no. 2; pp. 846 - 850
Main Authors: Fulop Melinda, Cirstea Stefan, Cirstea Andreea
Format: Journal Article
Language:German
Published: University of Oradea 01-12-2010
Subjects:
convergence
IFRS
Romanian regulations
US GAAP
Online Access:Get full text
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Summary:In a period when convergence is the main driving force of IASB and FASB programmes, who needs a comparison of the two sets of standards-IFRS issued by IASB and US GAAP issued by FASB? Arent they mainly the same after 5 years of hard work of those who establish the two sets of standards? The answer lies in the fact that mostly all people who work in a multinational company has to understand the present differences between these two sets of standards. A combination of the convergence of the national standards with the IFRS and the follow-up use of IFRS standards would mean that the two accounting languages from all over the world should be reduced rapidly only to IFRS and US GAAP. Although these two sets of standards are more and more similar to each other, they are not totally identical-yet. And until they become identical it will be necessary to state clearly and explain the differences that exist between them.
ISSN:1222-569X
1582-5450