Accounting Standards Boards

A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements The International Accounting Standards Board (IASB) had been modeled after Financial Accounting Standards Board (FASB). FASB is the accounting standards from the United States and IASB is the impertinent accounting standards. The IASB had a committee restructure in 2001. FASB and IASB ar important partners. FASB has recognized the organization does not pass on raw the answers to accounting issues. The United States as accounting standards that need to be improved on and the international accounting standards are more principals-based and are applied easily. FASB has been working on improving standards to a single set of standards to be applied domestically and internationally. In the Memorandum of Understanding called The Norwalk Agreement, issued at their articulationt meeting in Norwalk, computerized tomography on September 18, 2002, twain(prenominal) the FASB and IASB pledged to mathematical function their surpass efforts to make their existing financial reporting standards full harmonious as soon as possible. (Gornik-Tomaszewski, & McCarthy, 2003) In October 29, 2002 both FASB and IASB have announced their commitment by 2005 that both organizations by 2005 the both their standards would be fully compatible.

Because the point of intersection of IASB and FASB the U.S. Securities and Exchange boot ( irregular) approves of the convergence of both organizations, Convergence should lead to a business locating when reconciliation between International Accounting St andards (IAS) and, U.S. Generally pass jud! gment Accounting Principals (GAAP) as currently required by the due south in foreign filings, will no longer is required. (Gornik-Tomaszewski, & McCarthy, 2003) To meat IASB and FASB jointly there are 24 members to over clack the conversion. In 2003 FASB and IASB suspended their separate projects, but prior to 2003 both organizations conducted their projects separately. In April 2004 the organizations decided...If you want to get a full essay, cheat it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay