Author

Thanh Nguyen

Publication Date

1-1-2009

Document Type

Dissertation/Thesis

First Advisor

Riley, Mark

Degree Name

B.S. (Bachelor of Science)

Department

Department of Accountancy

Abstract

This research project was conducted to gain more insights on the fact that even though the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have taken significant steps to push the U.S.toward adoptions of International Financial Reporting Standards (IFRS), there are still concerns regarding the costs versus benefits of the conversion. As a result, the paper concentrates on the effects and risks that the conversion from U.S. GAAPto IFRS will bring to four main affected parties: the regulators and standards-setting bodies, the financial statements users, the financial statements issuers, and the financial statement auditors. In addition, the paper will not address the effects and risksresultingfrom the convergence of U.S. GAAP and IFRS for a better set of standards or make any judgment whether the conversion is beneficial to the U.S.or not overall. This research project was conducted using the primary and secondary sources. Primary sources are publications from the regulators and standards-setting bodies such as the Securities and Exchange Commission(SEC), FASB, and IASB. Secondarysources are usuallyscholarlyjournal articles. Sincethe nature of this paper is informative,there is no conclusionmade from the costs-benefits analysisof the conversion.

Extent

18 pages

Language

eng

Publisher

Northern Illinois University

Rights Statement

In Copyright

Rights Statement 2

NIU theses are protected by copyright. They may be viewed from Huskie Commons for any purpose, but reproduction or distribution in any format is prohibited without the written permission of the authors.

Media Type

Text

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