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For many years, individual countries created their ownrules and regulations for company financial accountingand reporting. As the world became more global, problemsbegan to arise. A company could make a profit for the yearif the rules in its own country were applied, but this couldturn into a loss if another country s rules were used. To prevent this confusing and misleading state ofaffairs, standards were issued by the International AccountingStandards Board (IASB). Since 2002, the standardsetter in the United States, the Financial AccountingStandards Board (FASB), has been actively engaged withthe IASB in attempting to converge U.S. regulations withinternational accounting standards. This book describes: The process for setting accounting regulations in theUnited States Attempts to establish international standards andthe barriers confronted U.S. involvement in international activities through aprocess known as convergence Differences that have halted convergence and theU.S. strategy Frauds and questionable activities and describes theFASB s efforts to ensure that financial statements donot mislead their users