Question

what are the types of differences between IASB and FASB?

Answer 1

1.. The Financial Accounting Standards Board is the oldest standard board which was established in 1973.

The International Accounting Standards Board is of recent origin which came into existence in the beginning of twenty first century ( April 2001).
2. FASB is based in the US and The IASB is based in London
3. The FASB’s origin was from the Accounting Principles Board (APB) and the Committee on Accounting Procedure (CAP). The IASB is the successor of International Accounting Standards Committee.
4. The FASB’s area of work is development of Generally Accepted Accounting Principles (GAAP).
The IASB’s area of work is the development and promotion of International Financial Reporting Standards.