Purchase Solution

Using the Conceptual Framework

Not what you're looking for?

Ask Custom Question

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.

Purchase this Solution

Solution Summary

This solution explains IASB and tFASB framework convergence. The sources used are also included in the solution.

Solution Preview

Step 1
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 ...

Purchase this Solution

Free BrainMass Quizzes
Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.