Discuss how differences in the IASB and FASB measurement conventions affect financial statement presentations.© BrainMass Inc. brainmass.com March 4, 2021, 11:05 pm ad1c9bdddf
Discuss how differences in the IASB and FASB measurement conventions affect financial statement presentations.
The differences between the two affect financial statement presentation in several ways. The IASB and FASB have come together in most of their functions, but they are still different in some pertinent accounting aspects.
The IASB will present each part of the financial statements under different names, and the entire format of the statements will change. This is a contrast from how accountants and financial statement users have become used to the names of the financial statements (income statement, balance sheet, statement of cash flows), and the universal format used ...
The solution provides a detailed discussion of how the differences between the IASB and the FASB affect financial statement presentations.