based much on the accounting principles. IFRS are developed by IASB (International Accounting Standards Board) while GAAP are developed by FASB (Financial Accounting Standards Board) (Bellandi 2012). The IASB and the FASB are working hard together attempting to establish standards leading to the "elimination of significant differences in the way certain transactions are accounted for and reported" (Wiley‚ 2013). When attempting to merge United States companies with foreign companies that are using
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A Converged Conceptual Framework In October 2004‚ the FASB and IASB added to their agendas a joint project to develop an improved‚ common conceptual framework that builds on their existing frameworks (that is‚ the IASB’s Framework for the Preparation and Presentation of Financial Statements and the FASB’s Statements of Financial Accounting Concepts). Rationale for the Project and Project Objective A conceptual framework is basically a foundation serving as a guide to standard setters to help them
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evaluations(confirmatory value)‚ even if it is not being used’ (FASB‚ 2005: 2; FASB 1980: 37). In the IASB framework information has the quality of relevance ’when it influences the economic decisions of users by helping them evaluate past‚ present of future events or confirming‚ or correcting‚ their past evaluations’ (IASB‚ 1989: 24). Both frameworks thus say that accounting information is relevant if it has the capacity to make a difference in a decision. The FASB requires information to be capable of making a
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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. History of the Relationship between FASB and IASB US Financial Accounting Standards Board (FASB) is a board which
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established to comply with the accounting principles. However‚ 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 and the relationship between the two accounting standard boards‚ 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
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541 Shauki Smith May 24‚ 2010 History of the relationship between IASB and FASB The International Accounting Standards Board (IASB) began operations in 2001. It is an organization committed to developing‚ in the public interest‚ a single set of high quality‚ global accounting standards that require transparent and comparable information in general purpose financial statements. The IASB has developed procedures that bring transparency‚ predictability‚ and consistency
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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
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Financial Statement Analyses (Intro) The financial statement is a company’s document reporting the outcome of the business. Managers‚ investors‚ and the public can look to the company’s financial statements to assess a company’s current position‚ past performance‚ and predictions of future performance (Horngren‚ Sundem‚ Stratton‚ Burgstahler‚ & Schatzberg‚ 2008). The individual financial statement assists investors in coming to a conclusion concerning the company. It is imperative
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Boards Paper 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. Write a 1‚050- to 1‚400-word paper describing the relationship between the IASB and the FASB. Include the following in your paper: A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements. An explanation of how the MSA
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would prove helpful for many affected. In the United States‚ the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) have worked tirelessly to create a system that works; our Generally Accepted Accounting Principles (GAAP) provide guidelines that we can trust. The International Accounting Standards Board (IASB) seeks to accomplish the same mission on a global scale through the International Financial Reporting Standards (IFRS). The goal of IFRS and US GAAP
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