Fasb and Iasb 1
Fasb and Iasb
FASB and IASB Co-operated to Achieve Convergence of Accounting Standards
Valroy Anderson
Accounting 541
Professor Rebecca Kime
December 1, 2008
Fasb and Iasb 2
Fasb and Iasb
FASB and IASB co-operated to achieve convergence of accounting standards.
Abstract:A brief history between the International Standards Board (IASB) and the Financial Accounting Standards Board(FASB) and the IASB equivalent s of the FASB original pronouncements and also how the MSA program will prepare me for a professional life within the accounting vocation.
Fasb and Iasb 3
Fasb and Iasb
FASB and IASB co-operated to achieve convergence of accounting standards.
According to the article www.allbusiness.com/accounting/550776-1.html, found in the Review of Business publication March 22, 2003, the Financial Accounting Standards Board (FASB) desired to find high-quality global standards and increased convergence of the accounting standards used in different countries. The most important among the FASB's international activities was its partnership with the International Accounting Standards Board (IASB). This partnership enabled the IASB to make use of the FASB's resources. The IASB was expected to formulate a single set of high quality, understandable, and enforceable global accounting standards and mobilized convergence.
http://www.gtnews.com/feature/113.cfm In 2005, the IASB coupled a project together based on their framework concepts of convergence concerning both national and international standards which were similar to those first launched by the FASB. But each board must address particular matters to guide the board with problems concerning standard setting. The EU’s Internal Market Commissioner Charlie McCreevy and SEC (US Securities Exchange Commission) chairman, William Donaldson set the stage for the convergence project in March 2005 for financial overall reporting. This project was more efficient for...