Iasb and the Fasb

Running Head: IASB AND THE FASB IASB and the FASB Releana Ray ACC/541 Glenn Alan Tuesday, February 23, 2011 University of Phoenix IASB and the FASB Over the past decade, transnational fiscal reporting has become more jetplace. Businesses ar becoming transnational and many cross-border business organizations have developed. The financial reporting for these companies requires that investors are able to understand what accounting methods are employed and the oral communication and currency used in the companys spot country. When a company has ventures in multiple countries, their financials can be difficult to follow. To maintain that information is readily available and compreh terminalible it is necessary to bring the accounting standards of the international community into congruence. The fiscal Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) inform a joint venture to develop accounting standards in 2002. Their commitment is to create standards that can be used for both domestic and international financial reporting. The two boards also neediness existing accounting standards to be compatible and to coordinate future(a) standard setting to maintain compatibility.

They created projects to develop an improved and common conceptual framework (Schroeder, Clark, & Cathey, 2011) and to establish a high-quality standard for the entry of financial statements. They are also working on a number of other projects they hope to complete by the end of 2011, to make their standards more comparable. These are projects covering items such as financial instruments, revenue recognition, leases, statement of comprehensive income and fair appraise measurement are the priority projects. These projects have priority attitude due to the existing difference between the standards of the two boards. These changes for appropriate not only influence accounting but get out also have business and operational implications.... If you want to get a full essay, order it on our website: Orderessay

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