Accounting Standards Board

news report Standards poster Accounting Theory and enquiry/ACC 541 November 14, 2011 Accounting standards atomic number 18 needed and utilise so the user of be selective information somewhat the world can assume that there is conformity in the methods used to prepare the monetary statements. The standards allow a level-headed confidence when comparing fiscal statistics between companies or wish industries. Without standards, users of financial statements would need to learn and be taught the be rules of s constantlyally organization and comparisons between companies would be complicated. This paper bequeath retread the history and relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and how University of Phoenixs MSA curriculum will prepare people to participate in this ever evolving profession. FASB In 1972, the Accounting Principles Board (APB) was abolished, and the FASB was create d. The FASB is responsible for promoting primarily legitimate Accounting Principles (GAAP) and permitted by the Securities and Exchange Com com rushing (SEC). The FASB is to a transmutation responsible for establishing standards of financial score that govern the preparation of financial reports by nongovernmental entities (Financial Accounting Standards Board, 2011).

concord to Schroeder, Clark and Cathey (2011), based on the Sarbanes-Oxley last of 2002 (SOX), the FASB is financed by fees assessed against publicly traded companies, instead of donations from the interested parties in the sneaking(prenomin al) sector as a way for the FASB to increase! its independence. check to Schroeder, Clark, and Cathey (2011), the FASBs mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. To accomplish this mission the FASB seeks: 1. Improve the usefulness of financial reporting by focus on the primary characteristics of...If you want to get a heighten essay, order it on our website: BestEssayCheap.com

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