During the event, held at the seat of the Italian Stock Exchange, we discussed the status of the convergence process between the two major accounting standard sets, IAS/IFRS and US GAAP. Accounting standards represent the basis of every financial analysis, which are nowadays extremely important in consideration of the increasing volume of worldwide economic transactions, especially with reference to cross-border deals. Financial executives and professionals must be able to read financial statements drawn up according to different standards in order to deeply understand the Company they relate to, in terms of operations and profitability.

Many of the world’s capital markets today require IFRS for financial statement of public-interest entities. The remaining major capital markets without an IFRS mandate are represented by:Watch Full Movie Online Streaming Online and DownloadWatch movie online The Transporter Refueled (2015)

• The US, with no current plans to change this requirement
• Japan, where voluntary adoption is allowed but no mandatory transition date has been established
• India, which is converging its domestic standards with IFRS
• China, which intends to fully converge at some undefined future date

The ongoing collaboration between IASB and FASB, formalized by the Norwalk agreement in 2002, which has already contributed to smooth differences between the two sets, plays today a strategic role towards the harmonization process and is the only realistic path to reach the objective  of a single set of high-quality, global accounting standards. In addition, our domestic discipline through the implementation of Directive 34/2013 by Legislative Decree n. 139/2015 has considerably moved closer to the International Accounting standards approach, thus determining a profound review process that will have to be carried out by the domestic standard setter (Organismo Italiano di Contabilità).