Relationship Between Iasb and Fasb

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Relationship Between IASB 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 statements. IASB standards provide a reference model and set of examples for financial reporting in developing countries. The IASB has no authority with the Financial Accounting Standards Board (FASB) or the Securities and…show more content…
The "Academic Catalog" (2012) website states University of Phoenix, Master of Science in Accountancy provides the breadth of knowledge required for a professional accountant. One of the core principles of the program is to help students master relevant accounting theory and principles relevant in a wide range of real-world issues and problems encountered in the accounting profession. The professional life of an accountant may or may not include the pursuit of the Certified Public Accountant (CPA) examination. Other options in the field include accounting, budgeting, and auditing. The MSA program addresses the goals of the AICPA Vision Project for leadership, vision, professional values, communications, technology skills, and critical thinking. Although not stated by the university, I believe the foundational skills listed above are key to long-term success for anyone in the accounting profession independent of their technical knowledge of financial accounting standards ("Academic Catalog", 2012). According to "Dean 's Letter" (2012), " We designed the Master of Science in Accounting (MSA) program to meet the expectations of the National Association of State Boards of Accountancy (NASBA) proposed education model. Each state may set its own requirements that you must meet if you plan to take the Certified Public

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