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.…
The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance of these two boards, it is necessary to understand their histories, relations between the boards, and the standards that they set. Also how the knowledge of these boards and the field they lead, gained through the masters of science in accountancy (MSA) program, prepare students for a career in accounting.…
Beta Alpha Psi would like to inform you about all the great and wonderful opportunities that a career in accounting can provide and the skills required to being successful in the path of accounting. One of the crucial decisions a student has to make is picking a major to pursue and a school they want to attend. Accounting is known as the language of business because of its involvement of making a business successful and allowing investors, owners and anyone else make a decision of being involved and associating with a business based on the reports provided by accountants. Accounting is not only sitting on desk writing number down it is much more than that. There are multiple things that one can do with accounting such as Taxation, Auditing,…
Keeping pace with trends towards international convergence of accounting standards (and CPA examination test trends), students will learn IFRS (International Financial Reporting Standards) by comparing and contrasting them with U.S. GAAP (Generally Accepted Accounting Principles). Students will learn to apply these principles to record accounting events and prepare financial statements. To enhance students' expertise, courses in cost accounting, individual and multinational taxation, as well as auditing and forensic accounting are offered.…
“The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project” (University of Phoenix, 2013, p. 1). As a result, both Boards have agreed to meet a deadline of June 2011 for the convergence of the accounting guidelines to be complete. Understanding their history and their relationship can help students in the MSA program to get ready for the working environment. The MSA program can help students prepare for the professional career within the accounting area.…
Accounting was created thousand years ago. Many companies use accounting system to record, maintain and report, and analyze business financial transactions. Because managers and investors make their business decisions based on Financial Statement, information obtained from Financial Statement must be concise and reliable. Budgets and performance reports provide decision support, planning and control business operations; therefore, Financial Statements must be accurately to represent a true and fair view of companies. To evaluate results of information from Financial Statement, accounting report must be related to the accounting standard principles which, currently, several organizations have established to comply with. Among all, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are the most influential standard-setters in accounting report systems. This paper will provide a brief history of each organizations and their interrelationship, in which IASB is equivalent to the original pronouncement of FASB. Furthermore, this paper will explain the benefit of Master of Science in Accounting (MSA) program and how it guides students to future professional career in accounting vocation. History of FASB…
Social and professional expectations have been undergone a major shift as the global moves to adopt International Financial Reporting Standards (IFRS) which is a set of accounting standards, developed by the International Accounting Standards Board(IASB) as the global standard for the preparation of public company financial statements. To date, industry focus has been mainly on the technical aspects of IFRS adoption; however, IFRS also is likely to impact the ethical aspect of accountants’ professional judgment, because IFRS requires the use of a more “principled” approach to accounting standards than previously required a rules-based system General Accepted Accounting Practices (GAAP).…
In recent years there has been significant changes made in our understanding of the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). At present both the IASB and FASB are working on a joint venture referred to as the convergence project in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. GAAP. Another area covered in this paper besides a brief history of the relationship between the IASB and FASB will be how the MSA program will prepare students for the accounting profession. The intent of this paper will be to address both issues first; explaining my understanding of the IASB and FASB boards and second, the MSA program and how the two subjects can affect the outcome of future accounting professionals and procedures that will be followed.…
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on a joint venture known as the convergence project. With more business’s doing business globally financial reporting is an issue among the differing countries. Some countries report their financial differently, while the United States uses Generally Accepted Accounting Principles (GAAP) the convergence project aims at making a uniform set of international accounting standards. This paper is going to give a brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements. This paper will also explain how the Masters of Science in Accountancy (MSA) program prepares a student for a professional life within the accounting vocation.…
Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies, there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy making suggesting a complete overhaul in the way financial statements are reported and a convergence between the US's generally accepted accounting principles (US GAAP) and the International Financial Reporting Standards (IFRS). This has been through various meetings between the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB), two boards which determine these accounting standards. This paper therefore evaluates the history of the two boards and their relationship and looks at IASB equivalents to FASB original pronouncements. It also describes how a Master of Science in Accounting would prepare a student for an accounting profession.…
Firstly, a large part of education is devoted to ensuring that students have a general foundation of content knowledge. An average student in Singapore spends 6 years in Primary School, where she has to grasp a foundation of English, Mother Tongue, Science and Mathematics. She then spends four or five years in Secondary School building upon this foundation of knowledge by branching out into more specific areas of study such as Science and Mathematics. Why? The answer can be found by looking at the industries needed for the country to function. In Singapore, we have industries such as Medicine, Accounting, Banking and Finance, Sales, Engineering so on so forth. As many industries require workers skilled in Mathematics and or Science, it is necessary to focus on these subjects in the education system in order to produce…
Singapore enjoys a highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices and one of the highest per capita gross domestic products in the world. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy. Singapore is positioning itself as the region’s financial and high-tech center.…
As a nation whose only resource is its people, Singapore takes education very seriously. Therefore it is very assuring to know that Singapore has one of the best education systems in the world. As education has always been one of the pillars of our society, almost every child in Singapore is able to receive a comprehensive and structured education, from pre-school to post-graduate. In addition, our education system and textbooks have also been widely…
The emergence and development of multinational concerns and the growth of international financial markets, among other factors, are influencing the preparation of financial statements beyond national borders. Many countries around the world that are using their national Generally Accepted Accounting Principles (GAAP) are adopting the International Financial Reporting Standards (IFRS) in the preparation and presentation of their financial statements. The IFRSs are issued by International Accounting Standards Board (IASB) and the adoption of IFRSs is having a growing influence on national accounting requirements and practices. This chapter discusses the adoption of IFRSs and other aspects of standard-setting environment in Malaysia.…
As Singapore is a country lacking natural resources, its gaining to a developed country relies on the main source: intellectualization. That is the reason why the Singapore government sees to the education conditions, environment and quality. Almost all of the most modern scientific machines can be found in National University of Singapore and Nanyang Technical University - the two world class universities in this country. Along with the perfect for-learning instruments, the students enrolled in overseas courses are from various countries, which creates a mutual learning atmosphere. Studying with talented friends helps you mix well with other cultures. Moreover, the teaching staff here is superior to those in other Asia-Pacific schools and even have the same training competence in the US and Great Britain. The professors in Singapore colleges have different nationalities such as Singaporean, Indian, American, English etc. and some are from Havard and Cambridge universities. Spending your on campus courses in such a internationalised, high quality education in a friendly and conducive environment will help you improve your knowledge, contact with modern learning, intergrate with people, give you self-confidence and consolidate your future.…