Using the Conceptual Framework
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The goal of the IASB and the FASB Framework convergence is to create a common conceptual framework of accounting standards. It is important to consider whether its development will meet the needs of users, Research the IASB and FASB frameworks and the Conceptual Framework Project.
Give an explanation of how the convergence and the Concept Framework Project impacts accountants. Explain at least one benefit and one drawback of the convergence of IASB and FASB.
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Solution Summary
This solution explains IASB and tFASB framework convergence. The sources used are also included in the solution.
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The convergence and Concept Framework Project impact accountants in several ways. The Concept Framework Project is a joint project of the FASB and the IASB to develop an improved common conceptual framework. This framework will provide the substratum for future accounting standards. These standards will be principles based standards. It is expected that the new accounting standards will be internally consistent, and internationally converged. In future the accountants will have to follow the new guidelines, and decisions of the Concept Framework Project.
By framework convergence we mean international convergence of accounting standards. The goal of ...
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