The United States, as one of the largest superpowers in the global capital market, started adopting generally accepted accounting principles in the 1930s. Gaap's main objectives are to improve the clarity, consistency and comparability of financial information communication. An important role on the road to achieving these goals is played by the Financial Accounting Standards Board (FASB) and the Securities Commission (SEC), which appear as accounting regulators in the US, as well as various other associations and institutes related to the accounting profession.At the beginning of the 21st century, the rapprochement between US GAAPs and IFRS began, along the way there were significant events that contributed to the convergence of these standards, however, many differences persist. The rapprochement between US GAAP and IFRS has been a key task of the accounting profession in the world for the last twenty years.The implementation of this task is based on choosing the best of the two standards, and creating a single set of high quality and global accounting standards.