Pick a Number : Internationalizing U.S. Accounting

For many years, individual countries created their ownrules and regulations for company financial accountingand reporting. As the world became more global, problemsbegan to arise. A company could make a profit for the yearif the rules in its own country were applied, but this couldturn into a loss if another country's rules were used.To prevent this confusing and misleading state ofaffairs, standards were issued by the International AccountingStandards Board (IASB). Since 2002, the standardsetter in the United States, the Financial AccountingStandards Board (FASB), has been actively engaged wi