Accounting standards setting is at all times a contentious commotion. Improvement in financial information often involves significant change, and constituents frequently have differing views on the needs for, and benefits of, given changes. The best accounting standards decisions come from careful, objective, thoughtful, independent professional consideration of all the relevant views and information affecting a given issue, but this does not mean that Board must keep working until all parties are satisfied with the answer. Sometimes it is not possible to accommodate everyone's views. The accounting standard in United States has been US Generally Accepted Accounting Principles created by the US Financial Accounting Standards Board. In late 2002, IASB and US FASB issued a joint statement that they will work toward the eventual convergence of two standards. Securities and Exchange Commission is in the process of analyzing differences between IFRS and US GAAP. International Financial Reporting Standards (IFRS), often known by the older name of International Accounting Standards (IAS) are a set of accounting standards. They are issued by the International Accounting Standards Board (IASB). IASs were issued between 1973 and 2001 by Board of the International Accounting Standards Committee (IASC). In April 2001 the IASB adopted all IASs and continued the development, calling new standards IFRSs. The International Accounting Standards Board (IASB) was preceded by the Board of the International Accounting Standards Committee (IASC), which operated from 1973 until 2001. IASC was founded in June 1973 as a result of an agreement by accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States, and these countries constituted the Board of IASC at that time. (Bahnson, Paul R. Miller)
The global professional activities of the accountancy bodies were prearranged under the International Federation of Accountants (IFAC) in 1977. In 1981.......
