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 business relationship Standards Board are currently working on a joint hypothesis called the crossing project. Both organizations align beats for the compliance of monetary reporting but the current bills gain many differences. The supreme goal is to have one exercise set of globally accepted fiscal reporting standards to enhance the soothe of compare 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 publisher volition discuss the current relationship between the IASB and the FASB and IASB equivalents of the FASB original pronouncements. Last, the paper get out indicate how the MSA program prepares students for a career in the accountin g profession. Brief History The development of the FASB occurred in 1973 and was one time 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 explanation 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 wo! rldwide accounting standards that several countries currently follow, despite that the IASB cannot enforce the commit of these standards. These standards are called the International Financial Reporting Standards or IFRS. The IASB is purpose to develop as set of international standards that all countries will comply with to enhance the ease...If you want to get a advanced(a) essay, order it on our website: BestEssayCheap.com

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