International Accounting Standards

Abstract

Abstract This chapter notes how International accounting standards play a vital role for any internationally operating public company. It elaborates on the broad recognition of the standards of the International Accounting Standards Board (IASB) on a global level. Additionally, the standards are the basis for international annual accounts and other financial statements. In the United States, on the other hand, annual accounts must conform to the United States Generally Accepted Accounting Principles (US-GAAP). The chapter then cites that the IASB and the Financial Accounting Standards Board (FASB) are constantly updating their standards while establishing an agreement on a roadmap for convergence.

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