Accounting

IASB Vs. FASB

Joy Marie Owens

ACC/541

Maureen Murphy

October 11, 2010

Within this paper discussion on the International Accounting Standards Board (IASB) and the Finanical Accounting Standards Board (FASB) and how these two accounting standards co-exist among each other while their relationship. History of the relationship will be identified and broken down. This discussion will include the two boards and the IASB equivalents of the FASB original pronouncements. The explaination of the MSA program prepares students for professional life within the accounting vocation will be identified and described.

The International Accounting Standards Board otherwise known as the IASB was established in 2001 ast he sucessor to the Board of International Accounting Standards Committee (IASC). The IASB is a london based organization that effectively sets and enforces standards for accounting procedures. The International Accounting Standards Board has capability to maintianing and enforcing the International Finanicial Reporting Standards (IRFS). The International Accounting Standards Boards was created for two reasons. First to create and publish accounting standards that will increase presentation of financial statements promotions. Secondly was to increase accounting standards by improving regualtions, procedures for all preperations of finanical statements.

The International Accounting Standards Board its objectives are to develop, in the public interest, a single set of high-quality, understandable, and enforceable global accounting standards that require high-quality, transparent, and comparable information in financial statements and other financial reporting, thereby helping participants in the world's capital markets and other users make economic decisions; to promote the use and rigorous application of those standards; to bring about convergence of national accounting standards with International Accounting Standards and International Financial Reporting...