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Accounting Standards Board Paper

817 words - 4 pages

Accounting Standard Boards Paper: FASB and IASB
For many years, the accounting profession has been one that has serviced businesses by accurately providing financial snapshots and capacity projections for business, investment, financing related decisions. As is the case in every profession and industry, a checks and balances system should be implemented to keep business practices in compliance with the rules and regulations set forth by the regulatory authorities. Domestically, the Financial Accounting Standards Board (FASB) aims “to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities.” (FASB, 2011) Abroad, ...view middle of the document...

However, it was not until the 1990s that the FASB formalizes and expands its international activities. Before this point, the FASB did not aggressively collaborate with international accounting standard setters. “At the end of the decade, the FASB directly participated in the working party that led efforts to restructure the IASC into the IASB…in 1999, the FASB published International Accounting Standard Setting: A Vision for the Future, describing its vision of the ideal international financial reporting system.” (FASB, 2011) They envisioned that this new, revolutionary international reporting system would be a single-set of accounting standards set by a single independent, international standard setter. At the turn of the century, FASB sees this as an opportune time to merge the IFRS and our domestic Generally Accepted Accounting Principles (GAAP). Personally, I believe that progress made in 2002, the signing of The Norwalk Agreement, shows the FASB’s commitment to conforming and improving its financial reporting standards. “The Norwalk Agreement set out the shared goal of developing compatible, high-quality accounting standards that could be used for both domestic and cross-border financial reporting. It also established broad tactics to achieve their goal: develop standards jointly, eliminate narrow differences whenever possible, and, once converged, stay converged.” (FASB, 2011) Since this major step forward, there have been several minor steps toward this overall goal. The main reason is that the FASB is continually evaluating the strengths, weaknesses, costs, and benefits of possible approaches the U.S. could take in moving toward that goal.
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