Page 23 - FINAL CFA SLIDES DECEMBER 2018 DAY 7
P. 23
Session Unit 6:
23. Financial Reporting Standards
LOS 23.c: Describe the status of global convergence of accounting standards and ongoing
barriers to developing one universally accepted set of financial reporting standards, p.27
Many aspects of U.S. GAAP and IFRS, have converged over the past decade, and the
SEC no longer requires IFRS reporting firms to reconcile their FS to U.S. GAAP.
Barriers:
• Different standard-setting bodies and the regulatory authorities of different
countries disagree on the best treatment of a particular item or issue.
• Political pressures that regulatory bodies face from business groups and
others who will be affected by changes in reporting standards.
