Sample Term Paper

Accounting body defends changes on G20 goal, banks fret written by Huw Jones presents the efforts being made by standard setters for converging different sets of local and international standards and come up with a globalised set of standards based on G20 objectives. The convergence of various accounting standards and implementation of similar fair value standards to achieve accurate presentation of values are main highlights of the article. The risk of divergence due to amendments to existing standards is also briefly discussed.

The highlight of this article is the convergence of accounting standards throughout the world and eliminating flaws in current standards such as fair value measurements of assets and liabilities to achieve effectiveness in these standards. The article refers to a letter written by IASB to president of the United States stressing the fact that standard setting bodies had made significant progress for convergence of accounting standards and amendments to fair value accounting to meet goals set by G20. The issue whether amendments have increased the efficiency of standards and improved convergence of these standards or have affected these standards adversely has been explained by referring to various views of heads of state, banks and standard setters. The issues related to convergence are outlined with special emphasis on FASB and IASB (Jones 2009).

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