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
Dr. Mary Beth Healy
Mentor Professional Affiliation
Department of Accounting, Finance, and Information Systems
Closed Access Thesis
Accounting, Finance, and Information Systems
Bailey, Joshua Cole, "The Ultimate Accounting Need: A Universal Set of Accounting Standards" (2020). Honors Theses. 708.