Accounting Standards Board

news report Standards plug-in Accounting Theory and enquiry/ACC 541 November 14, 2011 Accounting standards atomic number 18 needed and apply so the user of be selective information most the world can assume that there is conformity in the methods used to prepare the monetary statements. The standards allow a sensitive confidence when comparing monetary statistics between companies or akin industries. Without standards, users of financial statements would need to learn and be taught the be rules of from each one organization and comparisons between companies would be complicated. This paper bequeath revue the history and relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and how University of Phoenixs MSA program will prepare people to participate in this of all time evolving profession. FASB In 1972, the Accounting Principles Board (APB) was abolished, and the FASB was created. The FASB is responsible for promoting primarily sure Accounting Principles (GAAP) and permitted by the Securities and Exchange Com com electric chargeing (SEC). The FASB is to a jailbreak responsible for establishing standards of financial bill that govern the preparation of financial reports by nongovernmental entities (Financial Accounting Standards Board, 2011).

concord to Schroeder, Clark and Cathey (2011), based on the Sarbanes-Oxley extend of 2002 (SOX), the FASB is financed by fees assessed against publicly traded companies, instead of donations from the interested parties in the underground sector a s a way for the FASB to increase its indepen! dence. harmonize to Schroeder, Clark, and Cathey (2011), the FASBs mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. To accomplish this mission the FASB seeks: 1. Improve the usefulness of financial reporting by focussing on the primary characteristics of...If you want to get a lift essay, order it on our website: BestEssayCheap.com

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