GAAP-IFRS convergence faces technical issues, expert says

07/1/2010 |

Ronald Kral, managing partner at Candela Solutions, an accounting firm, says several technical issues must be addressed before accounting standards boards can converge U.S. accounting rules with international standards. Kral noted six differences between the standards that must be resolved. For example, U.S. generally accepted accounting principles require financial results to be restated when an error is corrected, while International Financial Reporting Standards allow for some exceptions.

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