the IASB and FASB have been striving since 2002 to achieve convergence‚ there are still many differences between the two. These differences range from revenue recognition to the matter in which the organizations receive funding. Under the IASB‚ the accrual method is the only preferred way of recognizing revenue and expenses. While FASB accepts cash basis and accrual basis; cash basis is only accepted if cash sales are less than $5 million per year. When it comes to generating funds the IASB receives
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Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have been joined and worked together on convergence project since 2002 for the purpose of combining US accounting standards and global standards into a single International financial reporting standards. This paper will discuss about the history and the relationship between International Accounting Standards Board and Financial Accounting Standards Board. It also evaluates the IASB equivalents of the FASB original pronouncements
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widely recognized that revenue is one of the most important items in financial statements and that revenue recognition is one of the most difficult issues that standard-setters and accountants have to deal with (FASB‚ 2002). There exist a variety of reasons for the emergence of the IASB-FASB joint project on revenue recognition. The most essential reason is‚ as stated in the exposure‚ that revenue recognition requirements in US Generally Accepted Accounting Principles (GAAP) differ from those in International
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measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting‚ the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB’s
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Revenue recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚
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standard setting process of FASB and IASB Date: February 10‚ 2011 ____________________________________________________________ ______ Dear Ms.Albright‚ The FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are making progress towards convergence in setting better accounting standards. However‚ there exist some differences between their standard setting processes. After weighing the pros and cons‚ I suggest that FASB standard setting approach would
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Info Conceptual Framework — IASB-FASB joint project Background At their joint meeting in October 2004‚ the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework‚ based on and built on both the existing IASB Framework and the FASB Conceptual Framework‚ that both Boards would use as a basis for their accounting standards. The two boards reached the following tentative decisions about the approach to the project: * The project
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Cited: in: Berton 2000) is not just optimistic about world harmonization‚ he is sure that all countries will move to IASB or the international accounting standards. Despite what Sir Bryan Carsberg believes‚ in the current situation it is very difficult to judge the future of international accounting standards but one can say that slowly but steadily countries are moving
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International Accounting Standards Board From Wikipedia‚ the free encyclopedia Jump to: navigation‚ search The International Accounting Standards Board (IASB) is the independent‚ accounting standard-setting body of the IFRS Foundation.[1] The IASB was founded on April 1‚ 2001 as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued after
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Harmonisation of accounting standards International accounting harmonisation can be defined as "the process of bringing international Accounting Standards into some sort of agreement so that the financial statements from different countries are prepared according to a common set of principles of measurement and disclosure". Harmonisation means that deviating rules‚ which do not exclude themselves‚ can continue to exist next to each other. That means harmonisation does not focus on the elimination
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