21.10.08

Convergence or Conversion? Let's Be Clear

Ramona Dzinkowski

After attending a conference on the convergence of global accounting standards, the author notes there is still a lot of confusion regarding the “convergence” of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Many think it will involve gradually changing IFRS and GAAP until they are identical to each other, when the reality is that IFRS eventually will be adopted in the U.S. as it has already been in many other countries. And the sooner that happens, the better it will be for everyone.

The full English-language version article originally appeared in Strategic Finance Magazine, December 2007, pages 33-35. The full version can be found online (for subscribers only) at the Strategic Finance Magazine website. Alinga Consulting Group has obtained rights to offer a Russian translation of this and other articles for the benefit of your Russian-speaking auditors and accountants. Forward this link to them! To receive updates on future articles, simply send an email with the “Subscribe Alinga” in the subject field to j_wilson@acg.ru.

Ramona Dzinkowski is an economist and business journalist living in Toronto. You can reach her at rndresearch@interhop.net. For copies and reprints, contact the author.

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