Question

. Discuss IASB-FASB “convergence”; how is this different from “adoption” of the IASB standards?

. Discuss IASB-FASB “convergence”; how is this different from “adoption” of the IASB standards?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

IASB stands for International Accounting Standards Board whereas FASB stands for Financial Accounting Standards Board.

IASB and FASB both set Accounting & Financial Reporting Standards.

IASB sets standard for global reporting whereas FASB mainly focus on Accounting Standards in USA.

Both have common fair value measurement and disclosure requirements.

There are some major differences between the IASB and FASB.

The FASB is a private division of the U.S. SEC. It receives its funding through the SEC. The IASB is a private company receiving its funding through private corporations. FASB board members are comprised primarily of people in the United Sates whereas IASB board members are comprised of people globally not limited to any one country.

I hope it will help you in the study.

Thank You!

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In the Norwalk Agreement, the FASB and IASB pledged to: 1 Achieve convergence by the year...
In the Norwalk Agreement, the FASB and IASB pledged to: 1 Achieve convergence by the year 2015. 2 Make progress on specific MOU projects. 3 Remove existing differences between their standards. 4 Combine their organizations to form the BUSYB.
IFRS Standards are currently set by the A)IASC B) IASB C) IFRS D) FASB. IFRS Interpretations...
IFRS Standards are currently set by the A)IASC B) IASB C) IFRS D) FASB. IFRS Interpretations are currently issued by the A) SIC B) IFRIC C) EITF.
Discuss whether the standards of the IASB should be directed to all companies or to some...
Discuss whether the standards of the IASB should be directed to all companies or to some defined subset of companies.
The vast majority of commenters envision a strong role for the FASB in the endorsement of IFRS...
The vast majority of commenters envision a strong role for the FASB in the endorsement of IFRS and that they expect the FASB to be able to exert influence on the standard-setting process of the IASB through this endorsement role. How Does Convergence Fit into the FASB’s Mission?
Financial Accounting Standards Board (FASB) has supported the use of asset-based model while building their conceptual...
Financial Accounting Standards Board (FASB) has supported the use of asset-based model while building their conceptual framework, such model has also been adopted while building the International Accounting Standards Board's (IASB) conceptual framework. Recent research, however, argues against that model and proposes another alternative model. Required: question Critically discuss this statement and Explain the advantages of using alternative approaches? (Note: Students should rely on one or both of the following references): Dichev, I. D. (2008). On the balance sheet-based model...
Short Answer Question 1 - Regulatory Framework From January 2005, Australia has adopted the accounting standards...
Short Answer Question 1 - Regulatory Framework From January 2005, Australia has adopted the accounting standards issued by the International Accounting Standard Board (IASB). One of the key supporters of this adoption is the Australian Securities Exchange (ASX). Required: Why do think that the ASX was keen for Australian companies to adopt the international accounting standards? Provide two justifications to support your answer.
For recording assets, the IASB Framework lists a number of different measurement bases which are employed...
For recording assets, the IASB Framework lists a number of different measurement bases which are employed in different degrees and in varying combinations in financial statements. Discuss these bases with examples. 200 word
Prior to Australia’s adoption of International Financial Reporting Standards in 2005, Australian accounting standards permitted the...
Prior to Australia’s adoption of International Financial Reporting Standards in 2005, Australian accounting standards permitted the revaluation of internally generated intangible assets. Required: Using the AREA framework, comment on the following statement: There is an inconsistency in financial reporting standards, when Property, Plant & Equipment can be revalued under AASB 116, but according to AASB 138, certain intangible assets cannot be. 1: ANALYSE (30 – 50 words) Identify the issue and why it matters. Determine what you need to find...
1. According to the Framework for Preparation and Presentation of Financial Statements of the IASB, what...
1. According to the Framework for Preparation and Presentation of Financial Statements of the IASB, what is the definition of income? Multiple Choice Top of Form Inflow of resources with future economic benefit Increase in equity (other than from transactions with owners) Assets minus liabilities Revenue minus expenses Bottom of Form 2. The IASB has permitted the translation of International Financial Reporting Standards (IFRS) into how many languages? Multiple Choice Only six languages: Chinese, English, German, Japanese, Russian, and Spanish...
(1) Discuss the differences in approaches taken by the International Accounting Standards Committee (IASC) and the...
(1) Discuss the differences in approaches taken by the International Accounting Standards Committee (IASC) and the Financial Accounting Standards Board (FASB) in setting accounting standards. (2) Research the advantages and disadvantages of the United States adopting international accounting standards in place of generally accepted accounting principles. Post your recommendation and support for your decision. provide the answer with references:
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT