AccountingToday.com reports that the Financial Accounting Standards Board has been discussing global convergence of accounting standards.
As the inevitability of a global marketplace comes closer (some say it’s already here), international standards for financial accounting services makes sense. It will make it easier for international investors to read and understand financial reports generated in the U.S.—and vice versa—leading to better investment decisions and increased opportunities for business owners, VCs, and angel investors.
It will make financial accounting easier for global corporations with offices all over the world. And, because the accounting standards will still have a strong basis in GAAP principles, it should require only minimal additional training for U.S.-based bookkeepers.
Under the agreement, the International Financial Reporting Standards (IFRS) will be incorporated into the U.S. GAAP principles of accounting.
AccountingDepartment.com: On the Cutting Edge of Financial Accounting Standards
At Accounting Department.com, our bookkeepers are already well-trained in the GAAP accounting standards. We have the staff and the incentive to ensure our bookkeepers will become up-to-speed very quickly on any changes to accounting procedures based on the convergence of GAAP and IFRS.
Our policies and procedure manuals make it easy to implement corporate-wide changes to accounting procedures as needed. If an agreement is reached, rest-assure that your full-charge bookkeeper will know exactly how to proceed.