An Assessment of Three Acounting Frameworks: U.S., International and Pakistan
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This paper is an assessment of the International Accounting Standards (AIS) and its relationship with the Accounting Standards of United States (GAAP) and Pakistan. The purpose of this paper is to understand the differences between the three accounting frameworks. This will help understand the requirements for a U.S. Company to change its financial statements in accordance with the International Accounting Standards and a Pakistani Company to change its financial statements in accordance with the International or U.S. Accounting Standards. The scope of the paper is to provide an in-depth analysis of some of the major differences between the three accounting frameworks. However, it is important to point out that due to space and time limitations, this paper does not provide a complete list of differences, but addresses some of the major ones. Majority of the information provided is through secondary sources, extracted from various Internet websites of various accounting organizations like, AICPA, Asian Development Bank etc. Also, prior to writing the paper, extensive reading about IAS and U.S. GAAP was done in order to gain an overall understanding of the Accounting frameworks. Upon completion of the project, it was concluded that there is a great possibility that the U.S. Accounting Standards will eventually be eliminated or replaced by International Accounting Standards. However, prior to such a change various other regulating bodies will be required to change their rules and procedures.