A former FASB chairman's take on international accounting standard setting. (former Financial Accounting Standards Board Chairman Dennis R. Beresford)(includes related articles on positions of SEC and Financial Executives Institution on international accounting standards )

Financial Executive, September, 1997

Former FASB Chmn Dennis R. Beresford reports that there is a considerable gap between US generally accepted accounting principles and the standards promulgated by the International Accounting Standards Committee (IASC). An FASB study found that there are 255 specific differences between their standards, primarily in areas where IASC has standards or offers alternatives and the US does not and vice versa. There are also standards where the two sides have reached different conclusions. While the FASB is not a member of the IASC, it closely monitors developments in the internationalization of accounting standards and participates in this effort through letters and consultations. Because international standardization can have a considerable impact on American business, Beresford is...

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