Relationship between the IFRS and the FASB Hadassah Moore ACC/541 May 14‚ 2013 Instructor: Sonja Wilson Relationship between the IFRS and the FASB The principle of accounting dates backs thousands of years to a time where those in positions of governance wanted to make others aware of their growth and progress. Shift forward‚ and now the principles of accounting have moved towards an interest in investments and creating wealth for all those who hold stock within the company. This has led
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differences between 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
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What are the convergence projects between FASB and IASB? What are their major problems? What are their major achievements? The Norwalk Agreement‚ first announced on September of 2002‚ was a paramount step towards a unified global accounting standard. In this document‚ both U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Boards (IASB) (the Boards) “each acknowledge their commitments to the development of high quality‚ compatible accounting standards
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IASB and FASB Convergence Project To compete in a global economy with the emergence of multinational corporations financial reporting requires operators to understand the accounting practices used by the company‚ the language of the country in which the company exists‚ and the currency utilized by the corporation to prepare its financial statements and in turn to attract investors and creditors to invest in or lend money to companies. To harmonize accounting standards among countries‚ The International
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focus on the issue of revenue recognition and its relationship with accounting theory. The discussions are based on the context of conceptual framework. It is 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
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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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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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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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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are two of the most important bodies of the Accounting/Finance field today. Though both boards work together to develop and enforce financial reporting standards for publicly held organizations‚ the FASB concentrates on the accounting standards in the United States while the IASB sets its focus on global standards. The rules and standards that are set for individual certified public accountants
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