FASB and IASB: The Financial Accounting Standards Essay

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FASB and IASB:

The Financial Accounting Standards Board is an organization in the private sector that establishes financial accounting and reporting standards in the United States since 1973. The standards established by this organization govern the preparation of financial reports by various companies. The mission of the Financial Accounting Standards Board is to set up and enhance financial accounting and reporting standards to provide information and direct the public. On the other hand, the International Accounting Standard Board is an organization mandated with the responsibility of establishing accounting standards to deal with subjectivity. Moreover, accounting standards established by this body help in achieving comparability between organizations. Since its inception in 1973, IASB works toward the improvement and coordination of financial reporting.

Aspects of FASB and IASB:

Since the Financial Accounting Standards Board and International Accounting Standard Board play a critical role in the establishment of financial accounting and reporting standards, these organizations have various aspects including:

Development of Accounting Concepts:

One of the major aspects of the Financial Accounting Standards Board is to develop wide-ranging accounting concepts and financial reporting standards as well as provide guidance on their implementation ("Facts about FASB," 2007).

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The concepts developed by the Board help in guiding the organization in setting up standards and developing a conceptual framework for resolving accounting problems. In addition to resolution of accounting issues, the conceptual framework helps the public to understand the nature and constraints of information provided through financial reporting. The organization's work on financial standards and conceptual framework is dependent on its research to gain new insights and ideas.

Synchronization of Accounting Standards:

As the International Accounting Standards Board functions under the supervision of the International Financial Reporting Standards Foundation, it works to harmonize financial accounting standards. As one….....

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"FASB And IASB The Financial Accounting Standards" (2012, January 12) Retrieved May 21, 2024, from
https://www.aceyourpaper.com/essays/fasb-iasb-financial-accounting-standards-77509

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"FASB And IASB The Financial Accounting Standards", 12 January 2012, Accessed.21 May. 2024,
https://www.aceyourpaper.com/essays/fasb-iasb-financial-accounting-standards-77509
   

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