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Essay / Research Paper Abstract
This 4-page paper explains the relationship between the FASB and IASB and discusses the joint steps toward accounting convergence. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTfasbifrs.rtf
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Unformatted sample text from the term paper:
business leaders and financial experts. However, as more companies operated internationally and "globalization" and "economy" were used more and more together, companies were finding that they had to follow one
set of rules when it came to financial reporting in one country, and another in other countries. To avoid the time and
costs of this excess financial reporting, the Financial Accounting Standards Board of the United States and the International Accounting Standards Board, based in the United Kingdom, have joined forces on
the convergence project. The idea behind the convergence project is to develop a common set of accounting standards for all countries by 2011 or 2014, depending on what the literature
says. Both organizations have been committed to getting the standards developed and out for financial reporters since 2002. Both of these organizations
have been around for awhile, however, which is why their partnership in convergence is so interesting. The IASB issues International Accounting Standards (IAS), known today as International Financial Reporting Standards,
or IFRS (Knowledge Guide to International Accounting Standards, 2009). The IASB is the successor of the International Accounting Standards Committee, and it was founded in 2001.
The Financial Accounting Standards Board (FASB), in the meantime, is charged with standards for U.S. Generally Accepted Accounting Principles (US GAAP), which is used by financial
reporters in the United States. The get-together of these two organizations was fairly recent (2001), with the IASB being modeled on FASB, and created to get that single set of
enforceable, international reporting standards up and running (McCarthy, 2003). The project was officially launched on September 18, 2002, when the FASB and IASB signed their Memorandum of Understanding, known as
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