week 1 paper - Accounting Standards Boards Running Head:...

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Accounting Standards Boards Running Head: ACCOUNTING STANDARDS BOARDS Accounting Standards Boards Jeena Cao University of Phoenix Dave Brunstein October 4, 2010 1
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Accounting Standards Boards Abstract In the business world today, companies have many requirements and standards they must comply with. Financial reporting standards are one of the many standards companies must follow. Financial Accounting Standard Boards establish standards for companies doing business domestically and the International Accounting Standards Board for international businesses. These two boards have differences in their history and their pronouncements, but they are working together to set similar standards for both domestic and international financial accounting. The Master of Science in Accountancy program can provide students with in-dept knowledge to do well in the field of accounting. 2
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Accounting Standards Boards History Relationship Between the Two Boards Both, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), are recognized as authoritative by the Securities and the Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA). IASB started in 2001, replacing “the Board of the International Accounting Standards Committee (IASC), which operated from 1973 until 2001” (International Accounting Standards Board, 2008). IASB is an organization developed to set high quality of global accounting standards. According to Schroeder (et. Al, 2005), IASB has two objective, the first one is “to formulate and publish in the public interest accounting standards to observed in the presentation of financial statements and to promote their worldwide acceptance and observation” (p. 25). The second objective is “to work generally for the improvement and harmonization of regulations, accounting standards, and procedures relating to the presentation of financial statements” (p.25). “The mission of the FASB is to establish and improve standards of financial accounting and
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This note was uploaded on 06/25/2011 for the course ACC 363 $21 taught by Professor Mr.someone during the Spring '06 term at University of Phoenix.

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week 1 paper - Accounting Standards Boards Running Head:...

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