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Gulf between US and international accounting standards remains

Gulf between US and international accounting standards remains

by Toby Lucich on April 16, 2007

Companies from overseas that are listed in the US are still facing considerable differences between international and US accounting standards, Ernst & Young has stated.

The accounts of 130 foreign private issuers filed with SEC had more than 200 differences between the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (GAAP), Accountancy Magazine reports.

Areas with the most substantial differences were pensions, business contributions and financial instruments.

Gulf between US and international accounting standards remains

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