Pick a Number: Internationalizing U.S. Accounting - Paperback

by Roger Hussey (Author), Audra Ong (Author)

For many years, individual countries created their own rules and regulations for company financial accounting and reporting. As the world became more global, problems began to arise. A company could make a profit for the year if the rules in its own country were applied, but this could turn into a loss if another country's rules were used. To prevent this confusing and misleading state of affairs, standards were issued by the International Accounting Standards Board (IASB). Since 2002, the standard setter in the United States, the Financial Accounting Standards Board (FASB), has been actively engaged with the IASB in attempting to converge U.S. regulations with international accounting standards. This book describes: - The process for setting accounting regulations in the United States - Attempts to establish international standards and the barriers confronted - U.S. involvement in international activities through a process known as convergence - Differences that have halted convergence and the U.S. strategy - Frauds and questionable activities and describes the FASB's efforts to ensure that financial statements do not mislead their users

Author Biography

Roger Hussey, PhD, MSc, FCCA, FAIA, is author of over 35 books. He worked in industry as an accountant for several years before moving to the Industrial Relations Unit at St Edmund Hall, Oxford University. He was later appointed to the position of Deloitte and Touche professor of financial reporting at the University of the West of England. He was subsequently appointed as Dean of the Odette School of Business in Canada and is now professor emeritus at the University of Windsor, Canada, and the University of the West of England.