Answered By: Peter Z McKay
Last Updated: Oct 29, 2014     Views: 82

PWC Logo US GAAP Convergence & IFRS
Price Waterhouse Coopers
On one hand, US companies face convergence between US GAAP and IFRS, affecting several major accounting standards. On the other hand, IFRS conversion warrants consideration. IFRS is already impacting business decisions, and not simply through non-US subsidiaries. Understanding both of these major changes, and their business and operational implications, is an imperative for US companies. Take advantage of the resources that PwC has developed to increase your knowledge.
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Convergence Corner (AICPA)

The goal of Convergence Corner is to provide financial statement preparers and those that audit or use those financial statements timely information regarding the convergence between U.S. and International accounting rules. Find resources such as convergence project status, summary of technical issues, as well as other tools to educate yourselves and those in your organization.

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FASB Convergence with the International Accounting Standards Board

In October 2002, the FASB and the International Accounting Standards Board (IASB) announced the issuance of a memorandum of understanding ("Norwalk Agreement"), marking a significant step toward formalizing their commitment to the convergence of U.S. and international accounting standards.

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