Accounting Standards Board Paper

accounting Standards Boards Paper University of Phoenix November 12, 2010 accountancy Standards Boards Paper The outside(a) history Standards Board and the fiscal be Standards Board atomic number 18 currently working on a joint opine called the crossing project. Both organizations align beats for the compliance of pecuniary reporting but the current banals gain many differences. The net goal is to have one exercise set of globally accepted financial reporting standards to enhance the soothe of par beca give of the ever increasing amount of global companies that exist. Although the convergency project is only a start to this massive issue, the standard setting bodies lead continue to work toward this goal. This wall publisher entrust discuss the current relationship between the IASB and the FASB and IASB equivalents of the FASB original pronouncements. Last, the paper will indicate how the MSA program prepares students for a career in the accounting profe ssion. Brief History The development of the FASB occurred in 1973 and was in one case the account statement Principles Board. The FASB is the designated organization in the private sector that develops standards for financial reporting (FASB, 2010, para. 1).

The foundation of the IASB occured in 2001 and was formerly the International accountancy Standards Committee (IASC). The IASB is the organization that is responsible for setting International Accounting Standards. The FASBs purpose is to develop standards called the Generally Accepted Accounting Principles or GAAP, in which United States companies comply w ith when preparing financial statements. The! IASB develops worldwide accounting standards that several countries currently follow, despite that the IASB cannot enforce the social occasion of these standards. These standards are called the International Financial Reporting Standards or IFRS. The IASB is try to develop as set of international standards that all countries will comply with to enhance the ease...If you want to get a honorable essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay