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Accounting Standards: Oversight and Regulatory Issues

Accounting Standards

1) What is your opinion on the question below?

Accounting standards are part of the infrastructure in our economy. Comparability and trust in published financial information are important for many different reasons. We need to examine the organizations involved, current trends and other issues affecting accounting and business entities.

FASB writes standards for US companies and the standards are the basis for comparability. AICPA promulgates standards for auditing procedures, which support the trust function. PCAOB is also involved in the process of monitoring the accounting profession.

IASB is the source of international standards and, IFAC is responsible for auditing procedures. The trend is towards convergence for US GAAP and IFRS.
References:

American Institute of Public Accountants (AICPA). (n.d.). Retrieved from http://www.aicpa.org/Pages/Default.aspx

Financial Accounting Standards Board (FASB). (n.d.). Retrieved from http://www.fasb.org/home

Financial Accounting Standards Board (FASB). (n.d.). Convergence with the International Accounting Standards Board. Retrieved from
http://www.fasb.org/intl/convergence_iasb.shtml

International Accounting Standards Board (IASB). (n.d.). Retrieved from http://www.ifrs.org/Home.htm

International Federation of Accountants (IFAC). (n.d.). Retrieved from http://www.ifac.org/

Public Company Accounting Oversight Board (PCAOB). (n.d.). Retrieved from http://pcaobus.org/Pages/default.aspx

Required:

Let's explore the role and impact of these organizations on business entities, the accounting profession, and our economy. In addition, comment on trends and current issues of interest to the above constituents.

You do not need to discuss every organization mentioned above. Choose one or two relevant aspects for further investigation and share your knowledge with the class. Try to add information not previously discussed by others. Please, provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and Include references in APA format.

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Accounting Standards

1) What is your opinion on the question below?

Accounting standards are part of the infrastructure in our economy. Comparability and trust in published financial information are important for many different reasons. We need to examine the organizations involved, current trends and other issues affecting accounting and business entities.
FASB writes standards for US companies and the standards are the basis for comparability. AICPA promulgates standards for auditing procedures, which support the trust function. PCAOB is also involved in the process of monitoring the accounting profession.
IASB is the source of international standards and, IFAC is responsible for auditing procedures. The trend is towards convergence for US GAAP and IFRS.

Required:
Let's explore the role and impact of these organizations on business entities, the accounting profession, and our economy. In addition, comment on trends and current issues of interest to the above constituents.

-- Each of the organizations ...

Solution Summary

This solution discusses two of the organizations listed in the student's question. The main points regarding the organization, their function, and advantages and disadvantages are thoroughly discussed.

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