Accounting Standard Boards Paper
Accounting Standard Boards Paper
In the business of accounting two boards stand out the first one is the International Accounting Standards Board (IASB), and the second is the Financial Accounting Standards Board (FASB). The two boards are putting together this joint adventure to have a universal standard recognized internationally by entities for reporting of financial statements. This adventure will help to ensure that reporting of financial information is consistent globally and in the United States. The adventure will also help investors, stakeholders, the public, and financial institutions to read the ...view middle of the document...
The FASB focus is on the United States, and the IASB is globally. The two often work together because businesses today are going global so both boards are trying to set goals visible to both the United States and global. The FASB also sets standards and goals for individual certified public accountants practicing in the United States. The convergence the IASB, and the FASB is a project to combine various accounting and financial reporting requirements developed by both entities into single international financial reporting standards. Before the IASB, and the FASB had different fair value measurements and disclosure requirements. Developing different requirements makes it difficult for global corporations to determine which standards they must follow. Both boards are combining their efforts into one standard concerning the fair value and disclosure requirements. This will make it easier for businesses properly to report financial statements.
The benefits of having one set of global standards makes financial reporting more transparent, makes sure companies are adhere to the proper financial reporting, and makes it easier for investors to decide to do business with the companies. The differences between IASB, and the FASB are that the FASB is a private, non-government division of the U.S. Securities and Exchange Commission. The FASB funding comes through the SEC. The IASB is a private company, which receives funding from private donors and corporations. FASB members are people who primarily work and reside in the United States. The IASB members are composed of people who work and live in many nations around the world.
The MSA program helps students to gain employment in accounting, auditing, budgeting, and managerial positions in public accounting, "private industry, management, consulting, and government, and not-for-profit organizations"(Cameron School of Business, 2013, p. 3). The program also will help students prepare for the CPA examination if he or she chooses to do the exam; they will be able to understand the exam more clearly. Critical thinking skills will be enhanced, professional research, along with continuous learning is another aspect of the program, which helps students. Students will also develop a "global perspective of business and accounting practices, build leadership, and team-building skills"(Cameron School of Business, 2013, p. 3). The program provides framework for the importance of social responsibilities and making ethical business decisions. After completing, the program students will communicate with strong interpersonal skills, and students will master the theory and principles that...