Accounting standards as we know them have undergone rapid change. However, after the Memorandum of Understanding was signed between the International Accounting Standards
Board (IASB) and the Financial Accounting Standards Board (FASB) in September 2002 and updated in 2008, changes have become more frequent. The aim of the Memorandum is to align
International Financial Reporting Standards (IFRS) with US GAAP, thus creating a worldwide standard for accounting, and improving the comparability of financial statements, which is essential in a global economy.