week1 paper - 1 Accounting Standards Boards Running Head:...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Accounting Standards Boards Running Head: ACCOUNTING STANDARDS BOARDS Accounting Standards Boards Jeena Cao University of Phoenix ACC/541 Accounting Theory Research Sonja Wilson October 24, 2010
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 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 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.
Background image of page 2
3 Accounting Standards Boards History Relationship Between the Two Boards Both, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), are recognize 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 served from 1973 to 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 create “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 work to improve and incorporate of accounting standards, regulations, and procedures relating how financial statements are presented (p. 25). “The mission of the FASB is
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

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.

Page1 / 7

week1 paper - 1 Accounting Standards Boards Running Head:...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online