Fasb Paper

1 Inter guinea pig score Standards endanger panel (IASB) and the Financial accountancy Standards Board (FASB) Paper Jennifer L. antique University of Phoenix ACC 541: Accounting Theory and Research October 31, 2011 Professor William capital of Alabama 2 The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) ar shortly working on a joint venture referred to as the crossroad project. word projects are those that standard setters have concord to conduct simultaneously in a coordinated manner. Joint projects involve the sharing of stave resources, and every effort is do to keep joint projects on a similar clipping schedule at each(prenominal) Board. Currently, the FASB and IASB are conducting joint projects to shout revenue recognition and parentage combina tions. Both the IASB and the FASB had issued a memorial of understanding, marking a monumental step toward formalizing their commitment to the convergence of United States and international accounting standards.

The FASB and IASB presented the agreement to the chairs of leading national standard setters at a two-day meeting being held in London. The agreement between the FASB and IASB represents their in style(p) commitment, following their joint meeting, to wed compatible, mettlesome quality solutions to subsisting and future accounting issues. The FASBs bang is to establish and improve monetary account ing standards and insurance coverage for th! e charge and education of the public. Included in the public are issuers, auditors, and users of fiscal information. Broad accounting concepts and standards for monetary reporting are demonstrable by the FASB. The IASBs mission is to die one set of high quality, understandable, and international financial reporting standards (IFRSs) for general purpose financial statements. (Schroeder, Clark, Cathey, 2011). In 1973 the...If you want to compass a full essay, narrate it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper