Accounting Standards Board Paper

accounting Standards Boards Paper University of Phoenix November 12, 2010 accountancy Standards Boards Paper The external history Standards Board and the fiscal account Standards Board are currently working on a joint sham called the crossing project. Both organizations align beats for the compliance of financial reporting but the current tireds gain many differences. The supreme goal is to have one exercise set of globally accepted financial reporting standards to enhance the soothe of equality beca give of the ever increasing amount of global companies that exist. Although the lap project is only a start to this massive issue, the standard setting bodies lead continue to work toward this goal. This wall account volition discuss the current relationship between the IASB and the FASB and IASB equivalents of the FASB original pronouncements. Last, the paper exit indicate how the MSA program prepares students for a career in the accounting profession. Brie f History The development of the FASB occurred in 1973 and was once the bill 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 account statement 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 with when preparing financial statements. The IASB develops planetary accounting standards that sev eral countries currently follow, despite tha! t the IASB cannot enforce the habituate of these standards. These standards are called the International Financial Reporting Standards or IFRS. The IASB is essay to develop as set of international standards that all countries will comply with to enhance the ease...If you want to get a upright essay, order it on our website: OrderEssay.net

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