m standards and guidelines for financial accounting and reporting as promulgated by authoritative national standard setting bodies; primarily, the National Council on Governmental Accounting (NCGA), its successor, the Governmental Accounting Standards Board (GASB), and the American Institute of Certified Public Accountants (AICPA).
             If there is such a monumental difference, we need to understand just what the differences between the IASC and GAAP are. Very little in the view of Paul Pacter, as stated in the
             Accountancy International Magazine, June 1999. He states, only
             two accounting standard setters have adopted comprehensive standards for recognizing and measuring financial instruments, the US Financial Accounting Standards Board and the International Accounting Standards Committee. How similar are the two sets of standards? In my judgment, quite similar, particularly with respect to which financial instruments are recognized, how they are measured on the balance sheet, when they are removed (derecognized), when impairment is recognized, and the circumstances in which hedge accounting is (and is not) appropriate.
             Financial reporting and accounting standard setters must identify these subtle differences and make changes to minimize the impact of these differences. We are beginning to see the
             emergence of international level organizations and cooperative
             ventures among national organizations in the areas of accounting
             ...