Accounting and Standards Board Paper

1240 Words Apr 30th, 2012 5 Pages
Accounting Standards Board Renee’ Livious ACC/541 March 11, 2012 Thomas Gruber

Accounting Standards Boards For a business to be successful, anything for that matter, guidelines and policies have to be put in place. This also involves internationally run businesses as well. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have worked diligently through the years to ensure these guidelines are followed. The following discussion will be about the convergence project of boards, their relationship and the relations between their original pronouncements. Discussion
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Another objective of the IASB is to push toward the “improvement and harmonization of regulations, accounting standards, and procedures relating to the presentation of financial statements” (Schroeder, Clark, & Cathey, 2011, p. 26). These factors have increased opportunities to organize and match the events of countries interested in created standards. The IASB is a very helpful utility for setting standards for international financial reporting. Financial Accounting Standards Board The SEC and AICPA have recognized FASB as the official source for financial reporting and creating standards for non-governmental entities (Facts about FASB) and the overseer of the FASB’s Accounting Standards Codification. Their mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information (Schroeder, Clark, & Cathey, 2011, p. 11). When interested in setting a standard, FASB is the place to start doing research on creating the standard by going to the Financial Accounting Standards Board Codification. Before 2009, there were several standard setters in existence, this made looking up information difficult for accountants or other interested parties as well. Then FASB created the codification, which serves has the only source of authoritative GAAP. The

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