Financial Accounting Boards Essay

1186 words - 5 pages

Accounting Standards Boards

Introduction
In the financial world today companies are required to comply with numerous accounting regulations. There have been several regulatory bodies created to establish and monitor the numerous accounting regulations. These regulations not only contribute to the success of the world’s companies but they also the protect investors that contribute to the success of these companies.
The Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) oversees and constructs the reporting standards for financial accounting for the public to view. Standards are imperative, due to the decisions made about the administration of ...view middle of the document...

The Financial Accounting Standards Board (FASB) has the authorization to enforce and reprimand for financial reporting violations. The purpose of the FASB is to create standard financial statement reporting for private and public companies as well as nonprofit and keep those principles up to date to show a change in the methods of doing business (FASB, 2007). The organization has a responsibility to report statements accurately and on time.
The International Accounting Standards Board
The International Accounting Standards Board (IASB) was created to establish a universal set of constant, clear and analytical but enforceable global accounting regulations. These standards require information that is comparable and readily understood for general purpose. The IASB works hand-in-hand with national accounting regulatory bodies in accomplishing a union in global accounting standards. The IASB offers guidance where diversity in practice occurs (IASB, 2007).
The International Accounting Standards Board (IASB) develops enforceable, understandable, single set of high quality global accounting standards, designed especially for the publics’ interest. These regulations require commensurable and translucent information in general purpose financial statements. Currently, the IASB is working with the FASB in margining the “U.S. GAAP with International Financial Reporting Standards (IFRS). A common set of high quality global standards remains the long-term strategic priority of both the FASB and the IASB (AICPA, 2008)”.

The IASB website states,
The FASB and the IASB recognize the relevance of the roadmap for the removal of the need for the reconciliation requirement for non-US companies that use IFRSs and are registered in the United States. It has been noted that the removal of this reconciliation requirement would depend on, among other things, the effective implementation of IFRSs in financial statements across companies and jurisdictions, and measurable progress in addressing priority issues on the IASB-FASB convergence program. Therefore, the ability to meet the objective set out by the roadmap depends upon the efforts and actions of many parties—including companies, auditors, investors, standard-setters and regulators, (IASB, 2007).
FASB and IASB
"Both the FASB and the IASB already have conceptual frameworks. The FASB's was the first, dating mainly from the nineteen seventies3, and consists of seven substantial concepts statements, each published separately. The IASB's Framework for the Preparation and Presentation of Financial Statements (1989) is a much briefer single document of 110 paragraphs, dating from 1989. Its content shows a strong affinity with the FASB's earlier work, although there are important differences of detail. One important similarity is that, like the FASB framework, it lacks a treatment of measurement and is therefore incomplete. This is a legacy of the fierce and...

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