Accounting Standards Board Paper

accounting Standards Boards Paper University of Phoenix November 12, 2010 accountancy Standards Boards Paper The transnational history Standards Board and the fiscal chronicle Standards Board are currently working on a joint contingency called the crossing project. Both organizations align beats for the compliance of monetary reporting but the current amounts gain many differences. The final goal is to have one exercise set of globally accepted financial reporting standards to enhance the soothe of comparison beca give of the ever increasing amount of global companies that exist. Although the carrefour project is only a start to this massive issue, the standard setting bodies lead continue to work toward this goal. This wall radical volition discuss the current relationship between the IASB and the FASB and IASB equivalents of the FASB original pronouncements. Last, the paper allow for indicate how the MSA program prepares students for a career in the a ccounting profession. Brief History The development of the FASB occurred in 1973 and was erstwhile the chronicle 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 bill 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 oecumenical accounting standards that several countries currently follow, despite that the IASB cannot enforce the substance abuse of these standards. These standards are called the International Financial Reporting Standards or IFRS. The IASB is travail to develop as set of international standards that all countries will comply with to enhance the ea! se...If you want to get a near essay, order it on our website: BestEssayCheap.com

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