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Accounting Standards Boards Essay

769 words - 4 pages

Accounting Standards Boards
Debra McCaster
ACC 541
June 27, 2011
Ken Burton

Accounting Standards Boards
The IASB (Internal Accounting Standards Board) set standards dealing with international accounting and FASB (Financial Accounting Standards Board) has standards dealing with international accounting but they mainly focus on accounting within the United States. The purpose of the convergence is to eliminate the differences ...view middle of the document...

The APB was abolished and the Financial Accounting Standards Board (FASB) was created in 1973. There are seven board members of FASB that represents different organizations, they are fulltime and paid. At one time the FAF was responsible for raising funds to operated FASB but after the Sarbanes-Oxley Act of 2002 FASB is required to fund their own organization by applying the fees that are assessed against publicly trades companies to fund their organization and not by donations given by interested parties.
The IASC that has been around from 1973 until 2001 and the IASB was formed April 1, 2001 and their headquarters are located in London. The IASB consist of 15 members but by 2012 the members are to increase to 16 members. Each member will have his or her own expertise. The following guideline will show the requirement by each member.
1. A minimum of five will have a background as practicing auditors.
2. A minimum of three will have a background in the preparation of financial statements.
3. A minimum of three will have a background as users of financial statements.
4. At least one member will have an academic background.
5. Seven of the full-time members will are expected to have formal liaison
responsibilities with national standards setters to promote the convergence of national
accounting standards with IASB standards (Schroeder, Clark, & Cathey, 2011).
IASB Equivalents and FASB Original Pronouncements
The IASB who has been around since 2001 has issued eight standards regarding business combination and share-based payments. When...

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