The basic idea is to come up with a global standard of accounting to make sure that businesses across the globe can communicate, on a financial level, much easier. Imagine the IASB, international accounting standards board, setting a universal standard used throughout the world instead of having a separate standard like the U.S. GAAP, generally accepted accounting practices, used here in the United States. The merging of these two accounting standards, and many others from nations around the world…
Words 1198 - Pages 5