REPORTING STANDARDS by ProQuest

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When the US Securities and Exchange Commission (SEC) and the International Accounting Standards Board agreed their road map for convergence in 2005, they committed themselves to eliminating the differences between US generally accepted accounting practice (US GAAP) and international financial reporting standards (IFRS). The outcome would be a series of IFRS that the commission would mandate as replacements for US GAAP. The ultimate aim was the adoption of IFRS. In other countries the focus was on incorporating the principles of IFRS into local GAAPs -- for instance, by amending national accounting standards to make them equivalent to the relevant international standards. The US made such good progress towards achieving the objectives of the 2005 road map that in 2007 the SEC removed the requirement on foreign private issuers that report using IFRS to reconcile their financial statements to US GAAP. Chinese entitles currently adhere to accounting standards for business enterprises.

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