Significant differences: GAAP and IAS.

• Author: Heffes, Ellen M.
• Position: International

GAAP 2001, an international survey by the world's seven largest accountancy firms of accounting practices in 62 countries, found mixed progress towards convergence of national requirements with International Accounting Standards (IAS).

The report, which focuses on consolidated financial statements for listed companies, surveyed some 80 key accounting and disclosure measures and highlights instances in which a country's requirements at Dec. 31, 2001 would not allow, or would not require, the IAS treatment. Countries surveyed were chosen for their economic importance, representing as they do some 95 percent of the world's gross national product.

Additional significant findings include:

* Approximately one-third of the countries surveyed are responding to the challenge of convergence with an active agenda and proposed changes to national requirements.

* Half...