Abstract

Over the past decade, there has been much debate in the accounting world regarding which accounting standards should be followed. The US currently follows the Generally Applied Accounting Principles (GAAP) while other countries follow the International Financial Reporting Standards (IFRS). These two standards differ both conceptually and in practice, leading to the debate of which is superior. This debate has also led to some advocating for the convergence of these two accounting standards in order to create a universal set of accounting standards for all countries. This thesis will explore the history of both GAAP and IFRS and the similarities and differences that exist among them. Additionally, the impact of accounting standards on business performance will be examined, as well as the current opinions of experts in the field of accounting. Using the aforementioned information in the preceding sentences, this thesis will argue for the need of a universal set of accounting standards and that a multitude of benefits will result from the adoption of this universal set.

Semester/Year of Award

Spring 2020

Mentor

Mary Beth Healy

Mentor Department Affiliation

Management, Marketing, and International Business

Access Options

Closed Access Thesis

Document Type

Bachelor Thesis

Degree Name

Honors Scholars

Degree Level

Bachelor's

Department

Business

Department Name when Degree Awarded

Accounting, Finance, and Information Systems

Presentation

https://web.microsoftstream.com/video/8b545b3e-1788-4c7c-bf9c-3bd5dc433fef

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