GAAP regulations are intended to make accounting more understandable, reliable and relevant (Kemp & Waybright, p. 257). These standards are currently issued by the Financial Accounting Standards Board (FASB) with approval from the Securities and Exchange Commission (SEC). One challenge faced by the FASB is the constant change in the business world. For this reason, GAAP must be continually reviewed and updated. In an effort to minimize overstatement of asset values ​​and understatement of liability values, GAAP uses historical costs as the primary method of valuation. This is contrary to the fair market valuation used by IFRS. In May 2011, IFRS 13 was issued by the IASB and the FASB issued ASU 2011-04. As a result, fair value disclosure requirements and the regulatory framework for fair value measurement have converged significantly. Starting from 1 January 2013, IFRS 13 came into force (Strouhal et al., p..