Global Accounting is Coming

The article discusses the corporate shift toward global financial reporting standards, and what that change will mean to United States businesses. The article states that by 2005, there will likely be only two accounting boards with a dominating influence on global reporting: the Financial Accounting Standards Board, or FASB, and the International Accounting Standards Board (IASB). In addition, the article remarks that, as per an agreement reached in 2002, the IASB and the FASB will increasingly work to align their standards.