Fasb Paper

1 Inter guinea pig score Standards presentment panel (IASB) and the Financial invoice Standards Board (FASB) Paper Jennifer L. grey-headed University of Phoenix ACC 541: Accounting Theory and Research October 31, 2011 Professor William capital of Alabama 2 The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) argon shortly working on a joint venture referred to as the crossroad project. word projects are those that standard setters have concord to conduct simultaneously in a coordinated manner. Joint projects involve the sharing of cater resources, and every effort is do to keep joint projects on a similar clipping schedule at each(prenominal) Board. Currently, the FASB and IASB are conducting joint projects to shout revenue recognition and craft combin ations. Both the IASB and the FASB had issued a memorial of understanding, marking a probatory step toward formalizing their commitment to the convergence of United States and international account statement standards.

The FASB and IASB presented the agreement to the chairs of leading national standard setters at a two-day meeting being held in London. The agreement between the FASB and IASB represents their in vogue(p) commitment, following their joint meeting, to wed compatible, mettlesome quality solutions to animated and future accounting issues. The FASBs bang is to establish and improve fiscal acc ounting standards and coverage for the cha! rge and education of the public. Included in the public are issuers, auditors, and users of fiscal information. Broad accounting concepts and standards for financial reporting are demonstrable by the FASB. The IASBs mission is to break one set of high quality, understandable, and international financial reporting standards (IFRSs) for general purpose financial statements. (Schroeder, Clark, Cathey, 2011). In 1973 the...If you want to attract a full essay, narrate it on our website: OrderCustomPaper.com

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