Does the world need a ‘universal language’ of accounting?

In the early years of the 21st century, investors had good reason to hope that a single, globally-accepted accounting framework would soon emerge to unite the world’s financial markets. It seemed inevitable that the Securities and Exchange Commission (SEC) would abandon its devotion to the U.S. Generally Accepted Accounting Principles (GAAP) and adopt the Esperanto-like International Financial Reporting Standards (IFRS). In the early years of the 21st century, investors had good reason to hope that a single, globally-accepted accounting framework would soon emerge to unite the world’s financial markets. It seemed inevitable that the Securities and Exchange Commission (SEC) would abandon its devotion to the U.S. Generally Accepted Accounting Principles (GAAP) and adopt the Esperanto-like International Financial Reporting Standards (IFRS). Economics & Business Phys.org – latest science and technology news stories