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.

02/25/02 Europe Attacks GAAP, Bars Auditors' Legal Services

03/14/02 International Accounting Standards Get New Respect

04/04/02 Deloitte Publishes Free Practical Guide to IAS

05/16/02 IASB Proposes Sweeping Improvements in Standards

05/17/02 Europe Reforms Audits, Urges U.S. Cooperation

06/04/02 European Commission Issues Accounting Proposal

06/20/02 PwC Chief Recommends Adoption of Global Accounting Standards

07/10/02 McKinsey Finds Big Investors Split Between IAS And GAAP

09/20/02 FASB to Consider Project on International Convergence

10/10/02 FASB Moves Toward IASB, Big Investors Disagree

11/14/02 Hit List Picked For Fast-Track FASB/IASB Convergence