Several years ago FASB and IASB started creating a new set of converged standards to be used worldwide and in the US. The hierarchy in GAAP changed a few years ago, but I still see students studying accounting under the old standards and very few understand the reasons for the changes. How do you feel about studying accounting material with changes in standards happening every month? Do you know how it is going to affect you in the near future when you will have to review financials created under the new rules?
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