The Relationship Between Fasb and Iasb

The Relationship Between FASB and IASB Jennifer Purvis ACC 541 March 14, 2011 Delphine L. Agnor Wolsker The Relationship Between FASB and IASB Introduction The foreign Accounting Standards come along (IASB) was created after the Financial Accounting Standards Board (FASB) to contribute a single set of accounting procedures and standards for twain boards. The process has not always been an easy one, but the terminus of merging the accounting standards globally overrides the disagreements. Overcoming impediments, such as language, culture, frugal and political environments has made the process problematical. The IASB and FASB continue to labor on the short term goals agreed upon at the Norwalk Summit, held in Norwalk, Connecticut, on September 18, 2002 [ (Business Wire, 2002) ]. History In 1973, FASB was born of the Financial Accounting nates (FAF) to generate and rectify practices of financial accounting and reporting for nongovernmental businesses. This compound was made because of the censure of the Accounting Principles Board (APB) The APB fashioned deuce committees, the Wheat committee, charged with examining the way financial accounting principles would be created, and the Trueblood committee, to verify the objective of the financial statements.

The American Institute of manifest Public Accountants (AICPA), which took the place of the APB, put into operation the Wheat commission recommendations and deems the FASB the official body to have authorization to originate standards for financial accounting [ (Schroeder, 2011) ]. With the growing number of multinational corporations, principles were required to cut through the obstacles and price related with generating numerous financial reports. In 1973, the internationalist Accounting Standards Committee (IASC) was the first international group created to establish accounting standards. The IASC was restructured in 2001, and at that time became autonomous, renaming itself the International... If you want to nurture a full essay, order it on our website: Orderessay

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