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¶ … history of the International Accounting Standards Board (IASB) begins with the inception of Board of the International Accounting Standards Committee (IASC) in 1973. The Committee operated until 2001. The reason for the inception of the Committee was an agreement between the accountancy bodies in a variety of countries, including Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States.
The function of the Committee was to set standards for the international professional activities of the accountancy bodies under the agreement. The International Federation of Accountants function to organize these activities. In 1981 the IASC received full autonomy to set the international accounting standards. Their function was further to publish discussion documents on accounting issues with international concern. In the year 2000, the IASC Board approved a new constitution as part of a restructuring program. In the same year, the European Commission's plans to require...
The structure is designed to support those features that are regarded as desirable in establishing the legitimacy of a standard-setting organization: its members are technically expert, represent the wider community and are independent.
The structure of the International Accounting Standards Board is the result of a balance of organizational functions. The oversight body is composed of the Trustees of the International Accounting Standards Committee Foundation, the advisory body (the Standards Advisory Council) and the interpretative body (the International Financial Reporting Interpretations Committee). These bodies are representative of the community that they serve, reflecting diversity in terms of geographical and professional backgrounds. The requirements for…
Sources
IASB Web site. www.iasb.org.uk/
QuickMBA.com. "Financial Accounting Standards." 1999-2004. http://www.quickmba.com/accounting/fin/standards/
Wikipedia. "The International Accounting Standards Board." http://en.wikipedia.org/wiki/International_Accounting_Standards_Board
IASB The International Accounting Standards Board (IASB) currently has three types of active projects on their agenda. These include an agenda consultation project, financial crisis related projects, and memorandum of understanding projects. The following is a summary of these current active projects, their timetables established for the achievement of milestones, as well as the conceptual frameworks involved in the projects. The first type of project currently active on the agenda of the
Apart from this FASB has decided that capitalization of IPR&D will only apply to business combinations. When assets are purchased, and they are not viewed as businesses under GAAP in U.S., would continue to have IPR&D as expenses. One of the results could be to have businesses which are now following GAAP to find out new methods so that they could avoid capitalizing IPR&D. The importance of this issue
" (Camfferman & Zeff, 2) Indeed, the purpose which seems to stand above many others as specific Standards are examined is the improvement of financial reports as informative documents inbuilt with the capacity to educate users as to the financial disposition and outlook of reporting entities. The declared purpose of the IFRS is to improve the comparability, clarity, relevance and reliability of accounting processes and the resultant financial reporting across a
An international standard would correct this disparity between the two sets of regulations. The U.S. Financial Accounting Standards Board (FASB) was established to standardize accounting rules to ensure there was consistency in accounting across the country. Now Generally Accepted Accounting Procedures (GAAP) mean that an investor or stakeholder can review an organization's financial data and know that the rules applied are the same as comparative organizations. The acceptance of the
FASB Impacts The Financial Accounting Standards Board (FASB) was established with the Sarbanes-Oxley Act of 1933 (SOX) to establish accounting standards for protection of investors and other users of financial statements. Standards implemented by FASB have the full effect of law and holds public accounting firms accountable for assurance that financial statements are accurate and fairly presented to the investing public. It is vital to the accounting profession that public accounting
International Accounting Undergraduate degree Accounting & Finance 1. The Assignment "Several organisations involved efforts harmonise accounting practices rregionally internationally. The important players effort European Union (regionally) International Accounting Standards Committee (IASC) ( IASB) (internationally). There have been a series of efforts during recent years with the aim of developing a common agenda of accounting standards. The fact that there are several alternatives of accounting practices, for example, contributes to making it