Karim Popatia


The article begins by looking at the differences and similarities between different accounting systems, namely IFRS and GAAP. After this, the article moves on to talk about why it may be beneficial to the international investment community to have a singular account system as opposed to multiple different systems that have small, but weighty and significant differences. From here, the article discusses why convergence between the accounting systems may not be likely due to IFRS’s goal of independence from influence by the United States. The article also walks through each amendment proposed to the IFRS Constitution and discusses how each of these changes will impact the convergence effort.