A common accounting language-which measures gross profits the same way in London and Paris as in New York-is fast becoming necessary. As part of the process, a debate has erupted between supporters of U.S. Generally Accepted Accounting Principles (U.S. GAAP) and the International Accounting Standards (IAS) that are widely used in Europe and other parts of the world. Which standard provides investors and regulators with a more accurate picture of corporate performance? What impact does that have on a company’s ability to raise capital? Christian Leuz, a Wharton professor, ran an unusual horse race between companies using both U.S. GAAP and IAS standards in an attempt to find answers. The result may surprise you.
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