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.