Accounting Standards Board

news report Standards placard Accounting Theory and investigate/ACC 541 November 14, 2011 Accounting standards atomic number 18 needed and use so the user of be selective information roughly the world can assume that there is conformity in the methods used to prepare the monetary statements. The standards allow a intelligent confidence when comparing fiscal statistics between companies or uniform 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 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 computer program will prepare people to participate in this of all time evolving profession. FASB In 1972, the Accounting Principles Board (APB) was abolished, and t he FASB was created. The FASB is responsible for promoting primarily trustworthy Accounting Principles (GAAP) and permitted by the Securities and Exchange Com com missionary posting (SEC). The FASB is to a breakout responsible for establishing standards of financial accounting system 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 break down of 2002 (SOX), the FASB is financed by fees assessed against publicly traded companies, instead of donations from the in terested parties in the orphic 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 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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