Internationally, there are two organizations which play a significant role in the field of financial reporting regulatory bodies. These are the Financial Standard Accounting Board (FASB) and the International Accounting Standards Board (IASB). These bodies have admitted that, in order for international capital markets to function properly, a single set of high quality international accounting standards is necessary. This phenomenon involves the spread of IFRS in the world, on the one hand, and the convergence of FASB-IASB. Yet there are differences. SEC, the American standardization body, is in no hurry to achieve convergence. Moreover, as stated by some authors, we witness the existence of a paradoxical situation: that in which IFRS and the conceptual framework are influenced by American standards.

The scientific approach of this research paper consists of two parts: the first part we presented the main differences in the recognition and measurement of the items in the financial statements and while in the second part we present the main differences in the presentation of financial statements. Regarding the research methodology, the methodological, theoretical and scientific base is represented by the universal research methods: the dialectical method of acquiring knowledge (analysis, synthesis, deduction) as well as the rational methods of acquiring knowledge (observation, reasoning, selection, comparison). As research tools for the theme of the current paper are as follows: online research (use of the FASB, IASB, IFAC databases), the electronic databases available through the library, books, journals, legislation.