Do the accounting standards contained within the 2023 Convergence of Accounting Standards apply to all U.S.-based companies, or only to those companies which deal in international trade?

If these standards apply only to international companies, does that mean we have two sets of accounting standards for companies to deal with?

Question

20-07-2024
Business

Answered

Do the accounting standards contained within the 2023 Convergence of Accounting Standards apply to all U.S.-based companies, or only to those companies which deal in international trade?

If these standards apply only to international companies, does that mean we have two sets of accounting standards for companies to deal with?

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-20T02:10:34-04:00

Final answer:

The accounting standards in the 2023 Convergence apply to all U.S. companies, not just international ones. There is a single set of accounting standards (GAAP) for all U.S. companies to follow, ensuring consistency in financial reporting.

Explanation:

Accounting Standards in the 2023 Convergence

The accounting standards within the 2023 Convergence of Accounting Standards apply to all U.S. based companies, not just those involved in international trade. These standards are essential for ensuring consistency and comparability in financial reporting across various organizations.

Therefore, there is one set of accounting standards (GAAP) that applies to all U.S. companies, whether they are engaged in international trade or solely operate domestically. This uniformity simplifies financial reporting and analysis.

Both the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) play key roles in establishing and maintaining these standard accounting practices for different types of entities.

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