Accounting the Financial Accounting Standards Board (Fasb)

Intermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973, replacing the Accounting Principles Board and the Committee on Accounting Procedure of the American Institute of Certified Public Accountants. The Financial Accounting Standards Board s mission is to establish and improve standards of financial accounting and reporting for the guidance and†¦show more content†¦Before passage of the Sarbanes-Oxley law, AICPA standards in these areas were considered generally accepted for all CPA practitioners. In the early 2000s, federal public policy makers concluded that where independent financial statemen t audits of public companies regulated by the U.S. Securities and Exchange Commission are concerned, that the AICPA s standards setting and related enforcement roles should be transferred to a government empowered body with more enforcement authority than a non-governmental professional association, such as the AICPA could provide. As a result, the Sarbanes-Oxley law created the Public Company Accounting Oversight Board (PCAOB) which has jurisdiction over virtually every area of CPA practice in relation to public companies. However, the AICPA retains its considerable standards setting, ethics enforcement and firm practice quality monitoring roles for the majority of practicing CPAs, who serve privately held business and individuals. A formal document issued by the Financial Accounting Standards Board (FASB), which details accounting standards andShow MoreRelatedFinancial Accounting Standards Board ( Fasb ) Essay2343 Words   |  10 PagesRevenue is one of the most decisive items of financial statements as it often forms the fundamental basis for investment decision-making. Meanwhile, improper revenue recognition is found to be the most frequent source of fraudulent accounting (1998-2007). On 28th May 2014 the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) jointly published a new principles-based standard on revenue recognition for Contracts with Customers (ASU 606 and IFRS 15). TheRead MoreThe Financial Accounting Standards Board (FASB) Essay939 Words   |  4 PagesTo help accounting professionals easily navigate through 50-plus years of unorganized US generally accepted accounting principles (GAAP) and standards the Trustees of the Financial Accounting Foundation approved the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Codification.) By codifying authoritative US GAAP, FASB will provide users with real-time and accurate information in one location. Concurrently, FASB develo ped the FASB Codification Research System; a web-basedRead MoreAcc 541 Accounting Standards Board Paper1116 Words   |  5 PagesAccounting Standards Boards Leslie Brian ACC/541 November 14, 2011 Delphine Agnor Wolsker Accounting Standards Boards The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significanceRead MoreIntermediate Accounting I Final Paper1750 Words   |  7 PagesIn 1973, the Financial Accounting Standards Board (FASB) was created and their mission is â€Å"to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.† (FASB.org, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC)Read MoreRelationship Between Iasb and Fasb11 51 Words   |  5 PagesIASB and FASB In 1973, the private sector International Accounting Standards Board (IASB) was formed. The IASB is a natural extension of a global market that has been evolving over the last three decades. The IASB formulates and publishes accounting standards to be observed when presenting financial statements and promote their global acceptance. As an overarching mission, the IASB works to improve and harmonize accounting standards, regulations, and procedures as it relates to financial statementsRead MoreInternational Accounting Standards Board ( Iasb )1543 Words   |  7 PagesInternational Accounting Standards Board (IASB) The international Accounting Standards Board (IASB) is an independent, private sector that develops and approves the body of the International Financial Reporting Standards (IFRS). The IASB manages and controls the IFRS foundation. The IASB has a group of 14 members who operates and manages the IFRS through daily meetings, community engagements, and speeches about the IFRS. These members are experts in accounting standards, preparing, auditing, financial reportingRead MoreFasb1087 Words   |  5 PagesThe International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are two of the most important bodies of the Accounting/Finance field today. Though both boards work together to develop and enforce financial reporting standards for publicly held organizations, the FASB concentrates on the accounting standards in the United States while the IASB sets its focus on global standards. The rules and standards that are set for individual certified publ ic accountantsRead MoreAccounting Standards Boards Paper 41437 Words   |  6 PagesAccounting Standards Boards Paper University of Phoenix ACC 541—Accounting theory and Research Professor: Cecil B. Lucy Lien Bach October 26, 2010 Introduction Accounting was created thousand years ago. Many companies use accounting system to record, maintain and report, and analyze business financial transactions. Because managers and investors make their business decisions based on Financial Statement, information obtained from Financial Statement must be concise and reliable. BudgetsRead MoreAccounting Standard Board Paper 31433 Words   |  6 PagesRunning Head: ACCOUNTING STANDARDS BOARDS PAPER Accounting Standards Boards Paper Lila Alemar ACC 541 Shauki Smith May 24, 2010 History of the relationship between IASB and FASB The International Accounting Standards Board (IASB) began operations in 2001. It is an organization committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financialRead MoreDifference Between Fasb and Iasb742 Words   |  3 Pagesbetween standard setting process of FASB and IASB Date: February 10, 2011 ____________________________________________________________ ______ Dear Ms.Albright, The FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are making progress towards convergence in setting better accounting standards. However, there exist some differences between their standard setting processes. After weighing the pros and cons, I suggest that FASB standard setting