Jul 23, 2017 Research papers

Accounting Standards Boards

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Accounting Standards Boards

INSTRUCTIONS:

Please include introduction, headings, font styles and white space The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project. Write a 1,050- to 1,400-word (do not write less than the minimum count) paper describing the relationship between the IASB and the FASB. Include the following in your paper: • A brief history of the relationship between the two boards and the IASB equivalents of the ASC pronouncements (do not discuss specific standards; look for pronouncements) • An explanation of how the MSA program prepares the student for a professional life within the accounting vocation In the history of FASB-IASB, do not include info like the location of the two orgs, number of members, how they set standards, etc. This type of information does not add value to your paper. You can identify the orgs they succeeded and year, but the reason is not necessary. Include a brief summary of each org`s current mission/purpose. Include a brief discussion of the U.S. and international accounting relationship, which precedes the convergence. That should transition you into the discussion of the Convergence Project. This should be brief since the project is coming to a close. Briefly discuss the Convergence`s purpose, some of the Memorandums of Understanding (brief), identify some of the sub-projects completed (three to four - this would be standards reworked, etc.), and its status through May 2014. This should transition you into a discussion of the Condorsement. Discuss its purpose, impact on convergence project, and impact on possible adoption ofIFRS by the U.S. In the last paragraph of this presentation, you will discuss IASB pronouncements equivalent to the FASC ASC`s current pronouncements. It might help you to identify the U.S. pronouncements and research IASB to determine what they have that would be equivalent; give a brief discussion of the equivalents. In the second key element, please refer to the Dean`s letter in the Student Resources and possibly other sources for information you may want to research. The bulleted items above and top section are Key Elements. This is what you are required to present information on. In the key elements, you are being asked to: discuss, explain, analyze, evaluate, etc. Focus on the one(s) that are needed in your presentation. For example in the bulleted items above, you are asked to discuss and explain something. Make sure your information is clear in terms which key element your response is for and the part you are discussing in a key element. Avoid long drawn out paragraphs. Use multiple paragraphs. Keep each key element separate, but transition from one to the other if warranted. Please try to stay on point in your presentations and research for information that will add value to your paper. You always want the most current research in your presentation. Keep your research within five years or less.

CONTENT:
Accounting Standards Boards NameInstitutionAccounting Standards BoardsThe International Accounting Standards Board (IASB) was established in 2001 with an aim of replacing the International Accounting Standards Committee (IASC). The IASB is expected to develop and implement the accounting standards; International Financial Reporting Standards (IFRS), The IASB was established after an agreement between different accounting bodies in Canada, Australia, France, Japan, Ireland, Netherlands, Mexico, The United Kingdom and the United States. The International Federation of Accountants (IFAC) was established in 1977, and in 1981, the two bodies came to an agreement that all accounting standards would be issued completely by the IASC (Albrecht, 2008)The FASB as early as 1999 outlined its support towards the goals of improving the U.S GAAP and converging the global accounting standards. The IASB and the FASB have been working hand in hand formally towards this convergence from 2002. The two boards have come up with descriptions on the convergence and their means of attaining it in the Memorandum of Understanding between the FASB and the IASB issued in 2006 and updated in 20008 and later in 2010 and the 2002’s Norwalk Agreement (Epstein, 2008). This was followed by a number of major converged standards including those on non-controlling interests, business combinations, and fair value measurements. The most recent developments include the creation of the Accounting Standards Advisory Forum (ASAF) by the IFRS foundation overseeing the IASB with the intention of broadening the scope of the collaborative efforts of the IASB. In the last ten years, the two boards have collaborated through joint projects to come up with common standards. The FASB have issued the standards as US.GAAP while the IASB have issued the standards as IFRS. To meet the mission statement of the convergence, the FASB acts to improve its financial reporting usefulness, keep current standards, consider promptly, international convergence of accounting standards promotion and come up with a common understanding. This will improve the financial standards in the U.S for the benefits of the present as well as the potential lenders, investors, creditors, and other financial statements users. More comparable standards are aimed at reducing costs to both prepares and users of financial statements and achieve more efficient capital markets. The convergence is based on two major assumptions about the IFRS which include; the accrual basis which assume that the recording of the transaction will be done when the deal is sealed and n...


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