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International Accounting Standards Board and Research

A manager you work for is making a business trip to London. The manager has several meetings at the company's operating units in London. In addition, the manager is considering a visit to the International Accounting Standards Board (IASB) office in London. The manager has asked you to perform some research on the IASB so that he will have some background information for his visit. (Hint: A helpful search term is "International Accounting Standards Board.") Locate the following information and incorporate this information into a two- to three-page report.

Required (through use of the Internet)

a. Provide a brief history or discussion of the IASB, making sure to include the following additional facts:

(1) The role of the IASC Foundation.
(2) Structure of the IASB.
(3) Number of accounting standards currently published.
(4) Explanation of the steps involved in creating an international accounting standard in accordance with due process.
(5) Local mailing address and phone number.

b. Briefly summarize the two most recent accounting standards issued by the IASB.

Solution Preview

C12-7 International Accounting Standards Research

A manager you work for is making a business trip to London. The manager has several meetings at the company's operating units in London. In addition, the manager is considering a visit to the International Accounting Standards Board (IASB) office in London. The manager has asked you to perform some research on the IASB so that he will have some background information for his visit. (Hint: A helpful search term is "International Accounting Standards Board.") Locate the following information and incorporate this information into a two- to three-page report.

Required (through use of the Internet)
a. Provide a brief history or discussion of the IASB, making sure to include the following additional
facts:

(1) The role of the IASC Foundation.
The IASC Foundation is the legal body under which the IASB operates. The IASC Foundation is run by a board of 22 trustees. The role of the IASC Foundation is to bring about a convergence between national accounting standards, international accounting standard and international financial reporting standards. In addition, the IASC Foundation's role is to take into account the needs of small and medium sized organizations and countries that belong to the emerging markets. Most importantly the IASC Foundation has taken upon itself the task of developing a single set of comprehensible and enforceable global accounting ...

Solution Summary

This posting gives you the role and structure of International Accounting Standards Boards. It also discusses the number of accounting standards published.

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