International Auditing Standards Begin Convergence With US GAAP
2002 Year-in Review
Prior to 2002, followers of US GAAP had little time to worry about what the rest of the world was doing with respect to accounting standards. While a number of high-profile US accounting profession luminaries worked with the International Accounting Standards Board to bring a convergence between US and international standards, it had been mostly an academic exercise - until this year. In the post-Enron world, even the heads of some of the largest US public accounting firms have now come out in favor of one worldwide standard, and the race is on to standardize the way the world reports its financial information.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.