The Two Accounting Standards Board
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) argon before long working on the convergence project as a team. These two boards have their different views of how financial standards should be and spot a long way before they got together. This paper go out be discussing of the two boards history, how they joined together, and how the MSA program prepares students for a master key life in the accounting career.
The FASB is an organization that created the outline of purchasable sources for the generally accepted accounting principles (GAAP). The outline is based on a hierarchy, determining how accountants would proceed in recording and preparing the accompanys financial statements. The top of the hierarchy has the FASBs statements and The American Institute of Certified Public Accountants (AICPA) opinions. The bottom has the FASBs questions and answers and interpretations from AICPA. point sources come first then down the hierarchy if on that point are no pronouncements at the top level. By having the GAAP, standards are set to make wise accounting decisions. FASB has identified the ruff qualities of accounting information for accountants to provide and prepare reports.
While the FASB was on its mission to develop and improve standards of financial accounting, the FASB has set up goals. The board had to improve the effectiveness of financial reporting by focusing on the main qualities of relevance and reliability, and comparability and dead body (Schroeder et al., 2011, p. 11). Also, the board needs to keep the standards current to reflect the changes in methods of holding the business as well as considering the wishing in financial reporting that may need amelioration (Schroeder et al., 2011, p. 11). However, as the FASB accomplished its mission, other boards criticized that the standards were overload. There were too galore(postnominal) accounting...If you want to get a full essay, order it on our website: Ordercustompaper.com
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