Fasb

1087 WordsMar 19, 20125 Pages
The 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 public accountants that practice in the United States are also set by the FASB. By introducing the IASB and FASB into the MSA program, students are able to gain more insight into what businesses are required to report and the progress that the accounting field…show more content…
The objective of financial statements 2. Qualitative characteristics of financial statements 3. The elements of financial statements 4. Recognition of the elements of financial statements 5. Measurement of the elements of financial statements 6. Concepts of capital and capital maintenance (Schroeder etal, 2011) The standards mentioned above are the standards that appear to have the most commonality which would seem that there would be fewer obstacles. However; a prevalent variance is the amount of detail which is contained within the two frameworks. While the convergence of the two boards will be difficult, recognizing the commonalities between the frameworks is the first step in making sure the convergence goes through smoothly. Not only is it important to merge the two different sets of standards, but it is also important that the two boards work together to build onto the current set and establish additional standards that organizations are required to follow. The Master of Science in Accountancy (MSA) program prepares students for a professional life within the accounting vocation by introducing students to the standards set by the FASB and the IASB. “The (MSA) provides the breadth of knowledge for the professional accountant. Students master the theory and principles that frame a wide range of

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