Accounting Standards Board

news report Standards plank Accounting Theory and interrogation/ACC 541 November 14, 2011 Accounting standards atomic number 18 needed and apply so the user of be selective information around the world can assume that there is conformity in the methods used to prepare the monetary statements. The standards allow a fair(a) confidence when comparing monetary statistics between companies or equal industries. Without standards, users of financial statements would need to learn and be taught the be rules of each(prenominal) organization and comparisons between companies would be complicated. This paper bequeath look backward the history and relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and how University of Phoenixs MSA programme will prepare people to participate in this constantly evolving profession. FASB In 1972, the Accounting Principles Board (APB) was abolished, and the FA SB was created. The FASB is responsible for promoting primarily accepted Accounting Principles (GAAP) and permitted by the Securities and Exchange Com com military missioning (SEC). The FASB is to a speck responsible for establishing standards of financial explanation that govern the preparation of financial reports by nongovernmental entities (Financial Accounting Standards Board, 2011).

concord to Schroeder, Clark and Cathey (2011), based on the Sarbanes-Oxley run of 2002 (SOX), the FASB is financed by fees assessed against publicly traded companies, instead of donations from the interested parties in the confidential sector as a way for the FASB! to increase its independence. tally to Schroeder, Clark, and Cathey (2011), the FASBs mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. To accomplish this mission the FASB seeks: 1. Improve the usefulness of financial reporting by stress on the primary characteristics of...If you want to get a develop essay, order it on our website: BestEssayCheap.com

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