International Accounting Convergence: A Critical Analysis between Brazilian Standards (CPC) and US GAAP
International Accounting Convergence: A Critical Analysis between Brazilian Standards (CPC) and US GAAP
DOI:
https://doi.org/10.51473/rcmos.v1i2.2024.1290Keywords:
Accounting convergence; CPC; US GAAP; IFRS; financial transparency.Abstract
International accounting convergence represents one of the most significant phenomena in recent decades for the corporate, regulatory, and academic world. In Brazil, the adoption of the Accounting Pronouncements Committee (CPC) standards, aligned with the International Financial Reporting Standards (IFRS), has sought to align Brazilian accounting practices with global trends. However, the relationship and comparison with North American Financial Reporting Principles (US GAAP) still spark debate, particularly regarding transparency, reliability, and comparability of information. As Iudícibus (2017) and Hendriksen and Van Breda (2012) point out, accounting must meet the needs of different stakeholders, and this function becomes more complex in a context of globalization and financial market integration. This article, therefore, proposes a critical analysis of the advances, challenges, and implications of accounting convergence between CPC and US GAAP, highlighting its practical impact on companies, investors, and regulators.
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