Acc 541 Accounting Standards Board Research Paper
Accounting Standards Boards Paper
ACC/541
Date
Professor
Accounting Standards Boards Paper
Introduction
For the past 31 years, the major changes in accounting have taken place. Several accounting committees and boards have come and gone. The purpose of this paper will be to examine the Financial Accounting Standards Board and the International Accounting Standards Board convergence project. These papers will also explain how the MSA program prepares students on the transition into professional accounting.
History of FASB and IASB
The FASB has been establishing accounting standards for the private sector ever since 1973, when it was formally formed. The FASB is documented as the commanding team by the American Institute of Certified Public Accountants and the Securities and Exchange Commission. The FASB is a private organization. The FASB is predominantly responsible for the establishment of accounting rules and reporting standards. The main assignment of the FASB is to improve accounting standards and to ensure that financial reporting is correct. The FASB oversees that reporting from nongovernment entities provides useful …show more content…
The two boards face an enormous task of creating a set of standards that both will have to agree upon. The two boards are very close to making a major pronouncement that makes it a very interesting period for those just entering the MSA program. If the two boards come together with one set of standards, skilled professionals will have to read, absorb, understand, and implement these new standards just as a new student in this field would have to. Therefore, it is an excellent time to be learning these new standards for the accounting profession even before actually worked in the field or having to use previous regulations. Learning about these new methods while in the MSA program may give students an advantage of
ACC/541
Date
Professor
Accounting Standards Boards Paper
Introduction
For the past 31 years, the major changes in accounting have taken place. Several accounting committees and boards have come and gone. The purpose of this paper will be to examine the Financial Accounting Standards Board and the International Accounting Standards Board convergence project. These papers will also explain how the MSA program prepares students on the transition into professional accounting.
History of FASB and IASB
The FASB has been establishing accounting standards for the private sector ever since 1973, when it was formally formed. The FASB is documented as the commanding team by the American Institute of Certified Public Accountants and the Securities and Exchange Commission. The FASB is a private organization. The FASB is predominantly responsible for the establishment of accounting rules and reporting standards. The main assignment of the FASB is to improve accounting standards and to ensure that financial reporting is correct. The FASB oversees that reporting from nongovernment entities provides useful …show more content…
The two boards face an enormous task of creating a set of standards that both will have to agree upon. The two boards are very close to making a major pronouncement that makes it a very interesting period for those just entering the MSA program. If the two boards come together with one set of standards, skilled professionals will have to read, absorb, understand, and implement these new standards just as a new student in this field would have to. Therefore, it is an excellent time to be learning these new standards for the accounting profession even before actually worked in the field or having to use previous regulations. Learning about these new methods while in the MSA program may give students an advantage of