DISCUSSION BOARD- BOOKKEEPING
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In the US, financial accounting is currently governed by GAAP (Generally Accepted Accounting Principles). These “rules” are developed and monitored by the FASB (Financial Accounting Standards Board). However, the rest of the world is under the guidance of IFRS (International Financial Reporting Standards) which are created by the IASB (International Accounting Standards Board). The US is on track to abandon GAAP and adopt IFRS over the next several years. The following video gives an overview of this process:
After watching the video, please weigh in on the debate: do you think the US should adopt international standards or continue with our current standards?