The American Institute of CPAs passed a resolution at its Spring Council meeting voting to recognize the International Accounting Standards Board in London as the international accounting and financial reporting standards-setter.
The amendment to the AICPA rules gives AICPA members the option to use International Financial Reporting Standards as an alternative to U.S. generally accepted accounting principles. The IASB was designated as the body authorized to establish professional standards in the U.S. with respect to international financial reporting principles.
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