IFRS convergence : what it means to you! : an honors thesis (HONRS 499)

Abstract

This collaborative project, consisting of a paper and a brief presentation to the Muncie Small Business Council, is meant to provide information about the potential convergence of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). This convergence would change the way accountants in the U.S. do their jobs. We have researched this topic from various sources and have written a paper describing what the convergence is, what it would mean to different entities, and how these entities are or should prepare. My focus in the paper was the preparation section. The goal of this paper is to educate any and all interested parties in a portion of the changes coming to the accounting profession.