Acc 541

Abstract

In recent years the (FASB) Financial Accounting Standard Board in conjunction with the (IASB) International Accounting Standard Board are working on a joint venture known to us as the convergence project. The paper will tell you about the role and mission of both the FASB and IASB. It will describe the connection between the FASB and the IASB, highlighting some of their similarities and differences. We will also discuss the IASB equivalents of the FASB original pronouncements. We will conclude the paper by pointing out how the MAS program will train students for the professional world with the account vocation.

Convergence Project

Since October 2002,. The Financial Accounting Standards Board and the International Accounting Standard Board are working together to create and enhance both the United States Generally Accepted Accounting Principles and the International Financial Reporting Standards. The aim is the make the standards fully harmonized. During their project while they will be concentrating on harmonizing the standards, they will also strive to enhance financial reporting information for investors while also bringing together the United States and International Standards. These projects are a significant move toward achieving a common accounting framework, a necessary step in the globalization of business and investment. (pcw.com)

The Role and Mission of the FASB

Since 1973, the Financial Accounting Standards Board (FASB), which is a United States based organization has been given the awesome task in the private sector to establish standards of financial accounting that will govern the preparation of financial reports by nongovernmental entities. Those standards are recognized officially as authoritative by the Securities and Exchange Commission. When such standards are implemented it will make accounting reports more reliable and to the point. This then will make financial...