Fasb and Iasb
Table of Contents Particulars | Page number | Facts about FASB and IASB | 3 | Similarity and differences between FASB and IASB, Efforts to resolve differences in the standard between FASB and IASB, | 4 | Convergence of FASB and IASB | 5 | Issues | 6 | The needs of harmonization of internal accounting standards | 7 | Obstacles of harmonization of accounting standards, discussion and evaluation on whether it will be accepted by all users | 8 | Conclusion | 9 | Reference List | 10-11 |
FASB Financial Accounting Standards Board (FASB) is an organization in the private sector which is responsible to establish standards which govern the preparation of financial statements of non-governmental entities since 1973 where the standards are recognized as authoritative by the Securities and Exchange Commission (fasb, n.d.). The standards are necessary for an efficient economy because of the decisions made is relied on the accuracy and the degree of understandability of the financial statements by the users (fasb, n.d.). Its mission is to establish and develop standards of financial accounting and reporting which enable financial reporting by non-governmental entities to provide useful information for decision-making to investors and other users of financial reports (fasb, n.d.). FASB consists of 7 full-time members who may serve up to two five-year terms (fasb, n.d.). FASB members and its staff have the knowledge and experience in investing, accounting, finance, business, accounting education and research in which they are concern of the investors, other users and the public in the matters of financial accounting and reporting (fasb, n.d.). They are independent of other organizations and the Foundation has implemented policies to avoid potential personal conflicts of interest (fasb, n.d.).
IASB
International Accounting Standards Board (IASB) is an independent board which functions to set accounting standards in London and it is a privately funded
FASB Financial Accounting Standards Board (FASB) is an organization in the private sector which is responsible to establish standards which govern the preparation of financial statements of non-governmental entities since 1973 where the standards are recognized as authoritative by the Securities and Exchange Commission (fasb, n.d.). The standards are necessary for an efficient economy because of the decisions made is relied on the accuracy and the degree of understandability of the financial statements by the users (fasb, n.d.). Its mission is to establish and develop standards of financial accounting and reporting which enable financial reporting by non-governmental entities to provide useful information for decision-making to investors and other users of financial reports (fasb, n.d.). FASB consists of 7 full-time members who may serve up to two five-year terms (fasb, n.d.). FASB members and its staff have the knowledge and experience in investing, accounting, finance, business, accounting education and research in which they are concern of the investors, other users and the public in the matters of financial accounting and reporting (fasb, n.d.). They are independent of other organizations and the Foundation has implemented policies to avoid potential personal conflicts of interest (fasb, n.d.).
IASB
International Accounting Standards Board (IASB) is an independent board which functions to set accounting standards in London and it is a privately funded