[Verse 1] Two accounting worlds collide tonight IFRS and GAAP don't see eye to eye Inventory methods split the scene LIFO banned across the overseas While weighted average keeps the peace Revenue timing marks the beat [Chorus] Standards setting, never resting IASB and FASB are testing Faithful representation, relevant information These are the pillars of our foundation IOSCO watching from above Making sure the numbers add up [Verse 2] Research costs hit the books today Development waits for future pay Under GAAP both disappear But IFRS keeps development near Pension plans create the maze Actuarial gains shift different ways [Chorus] Standards setting, never resting IASB and FASB are testing Faithful representation, relevant information These are the pillars of our foundation IOSCO watching from above Making sure the numbers add up [Bridge] Qualitative characteristics shine Comparability draws the line Verifiable and understandable too Timeliness matters when reports come through Elements dancing on the page Assets, liabilities center stage Equity, income, expenses play The conceptual framework shows the way [Verse 3] Lease accounting took a turn Operating leases had to learn Right-of-use now claims the space Balance sheets can't hide or chase Convergence projects bridge the gap Though differences still fill the map [Chorus] Standards setting, never resting IASB and FASB are testing Faithful representation, relevant information These are the pillars of our foundation IOSCO watching from above Making sure the numbers add up [Outro] From London boards to US soil Financial truth requires this toil CFA candidates take note These standards are the antidote To chaos in the market square Transparency beyond compare
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