FASB VS. IASB - FASB vs. IASB Tiffany N. Watt Advanced...

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FASB vs. IASB Tiffany N. Watt Advanced Accounting – AC 441 November 11, 2011
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FASB vs. IASB The International Accounting Standards Board (IASB) has a mandate to produce a single set of high quality, understandable, and enforceable global accounting standards and to encourage convergence on these standards. To achieve its goals of convergence, the Board works closely with national standard setters around the world. The Financial Accounting Standards Board (FASB) is one of the IASB’s most important partners. In the face of the recent financial reporting crisis in the U.S., FASB has realized that it does not have all the answers to all of the accounting issues. There are some areas of U.S. standards that could be improved, where international standards seem to be more principles-based and more easily applied. Therefore, the FASB has become a proponent of improved international standards, and of a single set of standards to be used internationally and domestically. In its own report, IAS Setting: A Vision for the Future , the FASB even suggests that the Board entertains the possibility that it may not be needed in the long run. The Financial Accounting Standards Board (FASB) is a seven-member, independent board consisting of accounting professionals who establish and communicate standards of financial accounting and reporting in the United States. FASB standards, known as generally accepted accounting principles (GAAP), govern the preparation of corporate financial reports and are recognized as authoritative by the Securities and Exchange Commission, or the SEC. The Financial Accounting Standards Board was established in 1973 in the United States to set standards and guidelines for the use of financial information
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This note was uploaded on 02/09/2012 for the course BUS 340 taught by Professor N/a during the Spring '10 term at Mississippi Valley State University.

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FASB VS. IASB - FASB vs. IASB Tiffany N. Watt Advanced...

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