Valuation Brief: International Financial Reporting Standards January 2006

Harmonization of the U.S.’s generally accepted accounting principles (GAAP) and international accounting regimes, particularly those in Europe, has long been a challenge.  However, some progress has been made, albeit in very small steps that have taken years and arduous consultations that have been fraught with frustration.  The latest move by the International Accounting Standards Board (IASB) has been an attempt to bring international accounting standards more in line with GAAP with respect to business combinations (SFAS 141) and the treatment of goodwill and other intangible assets (SFAS 142).  The latest changes have been embodied in the draft version of International Financial Reporting Standards (IFRS) 3—a hotly debated change in accounting for business combinations written jointly by the IASB and the U.S. Financial Accounting Standards Board that has faced stiff opposition from accountancy firms, industry groups, and businesses alike.

Valuation Brief–January-February 2006

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