Mormon

Individual Assignment: Accounting Standards Boards Paper

• Consider the following: 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:

o    A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements

o    An explanation of how the MSA program prepares the student for a professional life within the accounting vocation

• Format your paper according to APA guidelines, including appropriate citations and references. Run your paper through WritePointSM and Plagiarism Checker.

• Submit your paper to your instructor.

In recent years there has been significant changes made in our understanding of the 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 profession. The intent of this paper will be to address both issues first; explaining my understanding of the IASB and FASB boards and second, the MSA program and how the two subjects can affect the outcome of future accounting professionals and procedures that will be followed.  

The history begins with the International Accounting Standards Board (IASB) that was formed in 2001 following the International Accounting Standards Committee (IASC). The International Accounting...