Accounting Standards Board

news report Standards visiting card Accounting Theory and inquiry/ACC 541 November 14, 2011 Accounting standards atomic number 18 needed and use so the user of be selective information just about the world can assume that there is conformity in the methods used to prepare the monetary statements. The standards allow a level-headed confidence when comparing fiscal statistics between companies or exchangeable industries. Without standards, users of financial statements would need to learn and be taught the be rules of for each one organization and comparisons between companies would be complicated. This paper bequeath polish up the history and relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and how University of Phoenixs MSA weapons platform will prepare people to participate in this forever evolving profession. FASB In 1972, the Accounting Principles Board (APB) was abolished, an d the FASB was created. The FASB is responsible for promoting primarily current Accounting Principles (GAAP) and permitted by the Securities and Exchange Com com directioning (SEC). The FASB is to a pause responsible for establishing standards of financial score 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 jaunt of 2002 (SOX), the FASB is financed by fees assessed against publicly traded companies, instead of donations from the interested parties in the hidden sector as a way for the FASB to increase its independence. gibe 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 reporti! ng by direction on the primary characteristics of...If you want to get a arise essay, order it on our website: BestEssayCheap.com

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