The mission and goal of IASB was to provide a sustainable framework in that members of different nations can follow called the IFRS. IFRS is presented to profit-oriented entities whiter private or public; which is the development of a single set of high quality, understandable and enforceable global accounting standards. In doing so, financial reporting will be leveled, and international transactions as well as investors can assure their decisions and provide statements under fair value measurement. The collaboration of FASB and ...view middle of the document...
Since the SEC is main commander in this decision it has provided a roadmap in allowing US companies to begin using IFRS framework in preparing financial statements. There hasn't been a specific launch date, but it was mentioned that by 2015; the convergence should be finalized.
As business continue going global and relations with other countries are essential for our world economy; financial reporting and the adoptiion of a single set of accounting standards becomes overwhelming. There is clearly a need for a set international reporting standards, a way to facilitate global transactions; global differences can have a tremendous economic impact. Which is why IFRS and FASB are working together to organize the convergence of GAAP to IFRS. The SEC specifies the importance of the convergence,
The SEC supports the convergence as stating the advantages obtained by investors as well as management. By converting to set of global standards that all major capital markets can follow, Investors can have more access to different markets, therefore proving more capital, which in return will benefit our economy.