Searching for the Unique Conceptual Accounting Framework. The IASB Conceptual Framework Versus the FASB Conceptual Framework

The last decade, especially, has brought major mutations in the evolution of national economies through the accentuation of the international financial character of globalization. In the last years the number and the complexity of companies which operates on international financial markets increased. Today, more than ever, the investors in order to operate in these markets must have current, sufficient and comparable information on various investment opportunities. This is why the accounting has become the common language of business on international markets. The global economic reality justifies once again the necessity of global standards which must be applied in the same manner so as FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) or national standardization bodies. The high quality accounting standards are a necessity for the capital markets system for the reporting required worldwide to ensure international comparability. In order to achieve the convergence between IFRS and American International referential US-GAAP, must be accomplished a unique conceptual accounting framework, which will be used for both referential. Next we will make a comparative study of the conceptual accounting framework developed by the IASB and the FASB, in order to capture some of the similarities and the significant differences between the contents of the two accounting framework, which arguments the need for a single conceptual framework.