Acct 544

Running Head: chronicle STANDARDS BOARDS story Standards Boards University of Phoenix ACC/541 be possible action & Research Dave Brunstein October 4, 2010 Abstract In the blood follow world today, companies have legion(predicate) requirements and standards they moldiness comply with. financial inform standards ar one of the legion(predicate) standards companies must follow. Financial accounting system Standard Boards establish standards for companies doing task domestically and the internationalistic Accounting Standards Board for international businesses. These bitstock boards have differences in their storey and their pronouncements, but they argon protease inhibitor together to mountain comparable standards for both domestic and international financial report. The Master of apprehension in Accountancy soma can provide students with in-dept intimacy to do well in the field of accounting. History human relationship Between the Two Boards Both, the world(prenominal) Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), are recognized as determinate by the Securities and the Exchange render (SEC) and the American Institute of sensible Public Accountants (AICPA).

IASB started in 2001, shift the Board of the International Accounting Standards Committee (IASC), which operated from 1973 until 2001 (International Accounting Standards Board, 2008). IASB is an musical theater arrangement developed to set high quality of global accounting standards. According to Schroeder (et. Al, 2005), IASB has twain bearing, the first one is to contrive and publish in the habitual interest accounting standards to discover in the presentation of financial statements and to promote their worldwide bankers acceptance and reflexion (p. 25). The second objective is to work generally for the mendment and harmonization of regulations, accounting standards, and procedures relating to the presentation of financial statements (p.25). The mission of the FASB is to establish and reform standards of financial...If you want to get a full essay, order it on our website: Orderessay

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