Explore BrainMass
Share

FASB and IASB current convergence

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Explain the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

References to be used:
1. http://www.journalofaccountancy.com/news/20125579.htm

2. http://www.accountingtoday.com/news/FASB-Revises-Proposed-Changes-Financial-Instruments-Accounting-Standards-65700-1.html

© BrainMass Inc. brainmass.com October 25, 2018, 8:25 am ad1c9bdddf
https://brainmass.com/business/accounting/fasb-and-iasb-current-convergence-539349

Solution Preview

Step 1
The Financial Accounting Standards Board is a not for profit organization whose main purpose is to develop the generally accepted accounting principles in the USA. This organization works for the interest of the American people and has been designated by the SEC as the body responsible for setting accounting standards. The International Accounting Standards Board is the accounting standard setting body of the IFRS Foundation. It is responsible for developing the International Financial Reporting Standards and promoting the use of these standards.

Step 2
The relationship between the Financial Accounting Standards Board and the International Accounting Standards Board is that both are ...

Solution Summary

This solution explains how US GAAP and IFRS are different and how these differences should be reduced. The sources used are also included in the solution.

$2.19
See Also This Related BrainMass Solution

IASB and FASB Convergence

Describe the current convergence efforts of the FASB and IASB in the area of accounting for taxes.

View Full Posting Details