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?

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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!

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