Accounting Standards Boards Paper
In recent years there has been significant changes made in our understanding of the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). At present both the IASB and FASB are working on a joint venture referred to as the convergence project in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. GAAP. Another area covered in this paper besides a brief history of the relationship between the IASB and FASB will be how the MSA program will prepare students for the accounting profession. The intent of this paper will be to address both issues first; explaining my understanding of the IASB and FASB boards and second, the MSA program and how the two subjects can affect the outcome of future accounting professionals and procedures that will be followed. The history begins with the International Accounting Standards Board (IASB) that was formed in 2001 following the International Accounting Standards Committee (IASC). The International Accounting Standards Committee (IASC) was responsible for issuing many of the accounting pronouncements called the International Accounting Standards (IAS). IASB also issued many accounting pronouncements called International Financial Reporting Standards (IFRS) and adopted the IAS guidelines. The IASB was form for the purpose of achieving two objectives. First, to create and publish accounting standards that would be used in presentations of financial statements promoting their acceptance and observance globally and second, to work towards the improvement and synchronization of accounting standards, regulations and procedures relating to the preparation of financial statements.
The Financial Accounting Standards Board (FASB) was established in 1973 a U.S. based organization that issues Financial Accounting Statements (FAS) and other accounting pronouncements that constitute...
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