customers; this is also the case for the accounting world. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are the two main bodies that establish and communicate standards of financial accounting in their respected parts of the world. The FASB has this responsibility in the United States and the IASB has this responsibility internationally. The current IASB structure is that of 16 members. There are four from Asia/Oceania‚ four representing Europe‚
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Accounting 3314 International Assignment #1 IASB stands for International Accounting Standards Board; it is the independent board charged with the standard setting of the IFRS. The IASB is important because it develops and publishes the IFRS as well as provides rulings on interpretations of the IFRS. The IASB consist of 15 fulltime multinational members; the current chairman is Hans Hoogervorst from the Netherlands. IFRS stands for International Financial Reporting Standards and is the organization
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reorganized and became the the International Accounting Standards Board (IASB) to independently develop and establish a single set of accounting procedures for international business. Since the reorganization of the IASB‚ the use of these international financial reporting standards (IFRSs) have been required or permitted in over 100 countries‚ including the European Union ("What Have IASB And FASB Convergence Efforts Achieved?"‚ 2013). The IASB aims to make the entire world follow guidelines for financial reporting
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P2-q1a Convergence between IFRSs and US GAAP The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP). A common set of high quality global standards remains a priority of both the IASB and the FASB. In September 2002 the IASB and the FASB agreed to work together‚ in consultation with other national and regional bodies‚ to remove the differences between international
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Accounting Standards Board (IASB) was formed with the purpose of developing a set of high quality global accounting standards. Although a majority of developed markets have adopted the international standards‚ the United States has not. One reason for the delay in adoption is that many of the standards are very similar. However‚ there are also several key differences between the two. Presently‚ the United States Financial Accounting Standards Board (FASB) and the IASB have committed to work together
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on private entities to establish financial accounting and reporting standards” (Donald Kieso‚ 2003‚ Intermediate Accounting). The two most influential standard-setters are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). FASB & IASB are currently working jointly to establish a single set of universal accounting concepts‚ standards‚ and reporting procedures with the goal of implementing standard global accounting practices. To compile their
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performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB are known as International Financial Reporting Standards (IFRS) and by FASB is known as Generally Accepted Accounting Principles (GAAP). IFRS is applicable in international level and GAAP is used mainly in the United States. What is meant by a ‘conceptual
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Financial Accounting Standard Board (FASB)‚ private non-profit organization responsible for developing and interpreting the (GAAP) in the United States but it is not affiliated with US government. Two committees were created by the AICPA in 1971. The Wheat committee was in charge of determining how the accounting principals were to be established. This committee suggested that the original accounting principal board be eliminated and it was replaced with the FASB “this new board was to comprise representatives
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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
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Intermediate Accounting Project Assignment #1 AIA2-1 (Financial Reporting Issues: The Procter & Gamble Company) a) Proctor and Gamble’s revenue recognition policies state that the customer recognizes revenue upon either date of shipment or date of receipt; e.g. when the product or receipt has switched hands. They also record revenue net of sales‚ trade promotion spending‚ and other taxes on behalf of governmental authorities. All of these transactions are generally recorded at time of
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