TOWARDS GLOBAL ACCOUNTING STANDARDS - MSSF AND US GAAP

Abstract

The article presents the latest events concerning the development of global accounting standards. The basic features of IFRS and US GAAP have been characterized and the main standard-setting bodies presented. It was noted that after a few years of cooperation the agreement between IASB and FASB was made. With the participation of IOSCO, the EU, and the SEC, these two organizations decided to jointly develop a new set of high quality accounting standards.