Accounting Standards Board Paper
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Accounting Standards Board Paper
Anne-Marie Sweat
ACC/541 University of Phoenix
Willard Berry
April 6, 2015
The IASB and the FASB
The International Accounting Standards Board (IASB) is operated in the private sector as an independent body developing and approving International Financial Reporting Standards. ("Ias Plus", 2015) Much like our nemesis The Financial Accounting Standards Board (FASB) is also operated in the private sector as to establish standards of financial accounting which govern organizations financial reporting since 1973. Their standards are recognized by both the American Institute of Certified Public Accountants and the Securities and Exchange Commission (SEC). ("Fasb", n.d.)
IASB
The IASB was founded in 2001 in order to replace the International Accounting Standards Committee; since 2012 it has approximately 16 members that maintain an overall geographical balance. ("Ias Plus", 2015) “The IASB’s role under the IFRS Foundation Constitution, where is has complete responsibility for all technical matters of the IFRS Foundation including: full discretion in developing and pursuing it technical agenda, subject to certain consultation requirements with the Trustees and the public, the preparation and issuing of IFRSs (other than Interpretations) and exposure drafts, following the due process stipulated in the Constitution, the approval and issuing of Interpretations developed by the IFRS Interpretations Committee.” (THE ISAB'S ROLE)
FASB
A Board also governs FASB, and its mission is to improve standards of financial accounting and establish those improvements for reporting. The Financial Accounting Foundation’s Board of Trustees oversees this mission through not only comprehensive and heavily scrutinized independent process that encourages of the board itself. They must also make sure that they are taking into objective consideration of all stakeholders involved. ("Fasb", n.d.)
Brief History
It was in October of 2002 that a...
Anne-Marie Sweat
ACC/541 University of Phoenix
Willard Berry
April 6, 2015
The IASB and the FASB
The International Accounting Standards Board (IASB) is operated in the private sector as an independent body developing and approving International Financial Reporting Standards. ("Ias Plus", 2015) Much like our nemesis The Financial Accounting Standards Board (FASB) is also operated in the private sector as to establish standards of financial accounting which govern organizations financial reporting since 1973. Their standards are recognized by both the American Institute of Certified Public Accountants and the Securities and Exchange Commission (SEC). ("Fasb", n.d.)
IASB
The IASB was founded in 2001 in order to replace the International Accounting Standards Committee; since 2012 it has approximately 16 members that maintain an overall geographical balance. ("Ias Plus", 2015) “The IASB’s role under the IFRS Foundation Constitution, where is has complete responsibility for all technical matters of the IFRS Foundation including: full discretion in developing and pursuing it technical agenda, subject to certain consultation requirements with the Trustees and the public, the preparation and issuing of IFRSs (other than Interpretations) and exposure drafts, following the due process stipulated in the Constitution, the approval and issuing of Interpretations developed by the IFRS Interpretations Committee.” (THE ISAB'S ROLE)
FASB
A Board also governs FASB, and its mission is to improve standards of financial accounting and establish those improvements for reporting. The Financial Accounting Foundation’s Board of Trustees oversees this mission through not only comprehensive and heavily scrutinized independent process that encourages of the board itself. They must also make sure that they are taking into objective consideration of all stakeholders involved. ("Fasb", n.d.)
Brief History
It was in October of 2002 that a...