Accounting_Standards_Board_Paper

ACCOUNTING STANDARDS BOARD PAPER CHANTE M. FONTENOT UNIVERSITY OF PHOENIX The relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) is one that is continuously growing. Both have the same task which is to seek constant improvement and regulations of financial reporting. The IASB began its origination in 2001. It was formally named the International Accounting Standards Committee. The IASB was formed to develop accounting standards world-wide. (International Accounting, 2002) Similar to the FASB, the IASB formed a committee to review issues associated with a certain topic then creates an outline to present to the Board. The FASB was formally named the Accounting Principles Board (APB). The FASB was formed to continue progress on the refinement and improvement of accounting standards and practices. The pronouncements of the IASB are those that were originated by the International Accounting Standards Committee. The pronouncements were voted to be retained by the IASB unless they were replaced by new pronouncements. (International Accounting, 2002) The FASB originally issued two types of pronouncements, Statements and Interpretations. Later, two new series of releases were established, Statements of Financial Accounting and Technical Bulletins. These releases were issued to enable financial statement users to better understand the content of financial accounting information. Both the FASB and the IASB have the equal tasks of improving the usefulness of financial reporting, retaining standard to reflect changes in methods of doing business and to improve the common understanding of the nature and purpose of information contained in financial reports. Harmonizing the accounting standards will be a difficult task because of the differences in various cultures. It appears to be a never-ending project for both the IASB and the FASB. The MSA program prepares students for a professional life within the accounting vocation by providing a curriculum that requires research during each course of study. Writing various papers relating to these courses of study will allow students to acquire and also enhance writing abilities. Research a major learning tool for the MSA program. The learning teams allow students to share opinions as well as the work load. This can be very useful in the workplace in regards to groups and/or teams. The CPA exam offers an idea of what to expect on the exam and in the workplace. The questions asked can relate to everyday accounting issues that someone may encounter. The program also allows students to relate their work experience in accounting as knowledge for others. Each of these tools combined can easily prepare a student for the accounting world in any corporation. Separately, each tool can also be used in any field of study. But combined for the accounting field, students will achieve excellence in the workplace. References