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    IASB relationship to the FASB

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    Write a paper describing the relationship between the IASB and the FASB.

    Include the following in your paper:

    o A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements

    o An explanation of how the MSA program prepares the student for a professional life within the accounting vocation

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    Solution Preview

    Just as FASB sets standards for US GAAP, other countries have their own standard setting boards. In an attempt to harmonize conflicting standards across the globe, the IASB was formed in 1973 to develop world-wide standards. Like the FASB, IASB develops proposed standards, publishes drafts to interested parties, sorts through the feedback and ideas, and issues a final standard to be adopted.

    FASB and IASB have both announced that they wish to cooperate and issue similar high quality standards and have done so for several years. Sometimes they both adopt the US GAAP treatment and sometimes they both adopt the international standard.

    The SEC has announced that it is open to potentially accepting financial statements prepared in ...

    Solution Summary

    Your response is 408 words and gives you the big picture about FASB and IASB, some idea of the current events regarding these two organizations and an idea of how a management of science in accounting might help your career.