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Scholars Day: April 7, 2010

International Convergence of Accounting Standards: IFRS or GAAP?

The business world is becoming increasingly global and the accounting field is trying to keep pace by requiring countries to use International Financial Reporting Standards. This is an important issue in the United States, because the U.S. uses a more stringent set of accounting rules known as Generally Accepted Accounting Principles. It is highly debated if the U.S. should abandon its rigid set of accounting regulations for a set of standards with much more flexibility. The presentation of this Honors thesis will examine GAAP and IFRS separately, including the underlying principles and rules behind each reporting system. Mock figures will be utilized to show differences in financial statements or common calculations that accountants make using both IFRS and GAAP. Also, the impact of IRFS adoption on accounting education and current and prospective accounting students will be examined.

Presenter: Amanda Wood (Undergraduate Student)
Topic: Accounting
Location: 120 Hartwell
Time: 9:15 am (Session I)