Accounting Standards Boards

Accounting Standards Boards
Brian Joseph Stevens
ACC/541
September 29, 2010
Heber W. Howard, Certified Public Accountant (CPA)
Accounting Standards Boards
      In this paper I will address two main topics beginning with the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) history, relationship, and cooperative efforts on the convergence project and then transition into how the Master of Science in Accountancy (MSA) program prepares students for professional life within the accounting vocation.
Brief History and Relationship of Accounting Standards Boards
      The International Accounting Standards Board and the Financial Accounting Standards Board both have histories of evolving and restructuring out of previously formed organizations intent on continuing to generate quality financial standards like their predecessors. Since 1973 the Financial Accounting Standards Board officially has been recognized as the authority of the national accounting standards for the United States of America by the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA). The International Accounting Standards Board started in 2001 has grown rapidly and has a large group of nations that officially recognize their financial standard. The International Accounting Standards Board has a mandate to produce a single set of high quality, understandable, enforceable standards that nations will be encouraged to adopt and use. The International Accounting Standards Board works closely with many other accounting standard setting organizations around the world as it endeavors to fulfill its mandate. The International Accounting Standards Board was modeled after one of its most important partners, the Financial Accounting Standards Board of the United States (Gornik-Tomaszewski & McCarthy, 2003).
Equivalents of Pronouncements Accounting Standards Boards
      The International Accounting...