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Journal of Undergraduate Research

Keywords

variable interest entity disclosure, financial firms, disclosure, VIE

College

Marriott School of Management

Department

Accountancy

Abstract

In 2002 the FASB, which sets all accounting standards for US publicly traded companies, met with its international counterpart the IASB in what is know as the Norwalk Agreement. The two organizations released a joint statement announcing their intentions to create a project that would converge the two accounting standards. It was my goal to understand how the convergence process was coming along. Originally I planned to look at foreign companies’ 20-F forms, a reconciliation from their foreign GAAP to US GAAP. Unfortunately as I started looking at several 20-F forms I realized that only recently have companies adopted IFRS and that a comparison would not provide much information. Comparing a new 20-F form that reconciles US GAAP to IFRS to an older 20-F form which reconciles US GAAP to a country specific GAAP would be like comparing apples to oranges and would tell me nothing about how the convergence process has occurred over the previous three years.

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