Accounting Standards Board

news report Standards be on Accounting Theory and look/ACC 541 November 14, 2011 Accounting standards atomic number 18 needed and use so the user of be selective information more or less the world can assume that there is conformity in the methods used to prepare the monetary statements. The standards allow a reasonable confidence when comparing financial statistics between companies or wish industries. Without standards, users of financial statements would need to learn and be taught the be rules of s constantlyally organization and comparisons between companies would be complicated. This paper bequeath critique the history and relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and how University of Phoenixs MSA program will prepare people to participate in this ever evolving profession. FASB In 1972, the Accounting Principles Board (APB) was abolished, and the FASB was created. The FASB is responsible for promoting primarily recognized Accounting Principles (GAAP) and permitted by the Securities and Exchange Com com legationing (SEC). The FASB is to a injury responsible for establishing standards of financial method of accounting 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 pop off of 2002 (SOX), the FASB is financed by fees assessed against publicly traded companies, instead of donations from the interested parties in the sneaking(a) sector as a way fo r the FASB to increase its independence. ! match 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 centering on the primary characteristics of...If you want to get a arise essay, order it on our website: BestEssayCheap.com

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