Link:/question/19987797/answer/23048516
Source: Zhihu
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The International Accounting Standards Board (IASB) changed the name of the International Accounting Standards (IAS) to International Financial Reporting Standards (IFRS) starting in 2002
US GAAP was developed by the U.S. Accounting Standards Board (FASB), and after more than 60 years of development and refinement starting in the 1950s, US GAAP can be considered one of the most complex accounting standards systems internationally.
In October 2002, under the Norwalk Agreement the FASB and the IASB formally agreed that they would work towards convergence between US GAAP and IFRS and in February 2006 they released a 'roadmap' setting out the convergence projects.
Added to this: China Accounting Standards (CAS) simultaneously China Accounting Standards (CAS) refer to IFRS, GAAP of major countries (like the US), and retains its own situation to formulate a comprehensive standard, but the overall direction is still towards convergence, given the influence of the UK has been and has been the promotion of the current more than 100 countries or regions to varying degrees of adoption of the International Financial Reporting Standards (IFRS) or convergence with it