The International Accounting Standards Committee Foundation Essays

The International Accounting Standards Board (IASB) was formed in an attempt to bring uniform accounting standards within international countries through its issuing of the International Financial Reporting Standards (IFRS). Today, over 100 countries including Canada, India, and Japan have adopted these standards for financial reporting. The growth of multinational companies such as Coca Cola and the increasing desire of cross-border investing have made it apparent that the U.S.accounting standards known as the Generally Accepted Accounting Principles (GAAP) issued by the Financial Accounting Standards Board (FASB) can no longer remain separate from IFRS. Under the request of the Securities and

The Financial Accounting Standards Board (FASB) sets the Generally Accepted Accounting Principles in the United States. The FASB Accounting Standards codification implements a system for organizing non-governmental generally accepted

In May 2008, the AICPA’s Governing Council designated the International Accounting Standards Board (IASB) as the body authorized to establish international financial accounting and reporting principles under rule 202 and 203 of the AICPA Code of Professional Conduct. Below is an illustrative Independent Auditor’s Report on financial statements issued in conformity with IFRS.

As stated earlier, the IASB arose from specific needs of the accounting industry and the public. As international trade has increased, the need for transnational accounting information has increased as well. This sparked the demand for development of international accounting standards to make financial data between countries more comparable. In 1973, the International Accounting Standards Committee (IASC) was formed to develop these international standards. The standards issued by the IASC, prior to 2001, were called International Accounting Standards (IASs). In 2001, the IASC made the International Accounting Standards Board (IASB) the official international standard-setting body. The standards issued by the IASB are called International Financial Reporting Standards (IFRSs) (Schroeder, Clark, & Cathey, 2011, p. 82-87).

Let us remind that IASC was replaced in 2001 by IASB (International Accounting Standards Board).

A joint convergence committee created the members of (FASB) and (IASB). (IASB) is recognized as an independent accounting standard-setting body that is similar to (FASB) that joins (GAAP), and is governed by the (IFRS) foundation. Due to this convergence, (AICPA) believes U.S. adoption of a single set of high-quality, globally accepted accounting standards will benefit U.S. financial markets and public companies by enabling preparation of transparent and comparable financial reports throughout the world, (American Institute of CPAs, 2016). Secondly, (AICPA) is dedicated to supplying the whole accounting profession with information, tools and IFRS.com for instance to assimilate as well as implement a new set of standards. As the (AICPA) supports continual convergence of reliable accounting standards between (IFRS) and (GAAP) the mission of completion between (IASB) and (FASB) is prolonged. (AICPA) will always support funding mechanisms of the body-making

The International Accounting Standards Board and the IFRS were created in 2001, which replaced the International Accounting Standards Committee (IASC) (IFRS ,2016). The monitoring board was created in 2009 (IFRS ,2016). ISAB and IFRS work to bring transparency, accountability and efficicenny to financial markets around the world (IFRS , 2016). The accounting standards are set as requirements to be allowed by organizations when the financial statements are prepared (IFRS, 2016). Standards are set by the IASB are the IFRS Standards (IFRS, 2016).

IAASB is a team of the International Federation of Accountants. It was created to increase uniformity of auditing practices and related services throughout the world by creating standards on auditing and reporting practices. Their role is to develop standards of consistency in accounting quality. They do not override a member nation's auditing standards however; members in countries that have standards in place should try to remove variations by likening their standards to those of the IAASB.

is the Financial Accounting Standards Board (FASB). The FASB is a private organization responsible for establishing a broad range of reporting standards and specific accounting rules. The FASB has made possible for investors, creditors, auditors, and others a means of using financial information that is transparent and comparable here in the U.S.

In 2001, The International Accounting Standards Board (IASB) was established to develop the International Financial Reporting Standard (IFRS). ). The first IFRS was issued in 2003 and European Union (EU) members committed for requesting all listing company to apply the IFRS in their jurisdictions and will effective on year 2005 (Brussels, 2000).

International Financial Reporting Standards (IFRS), represent the norms that were introduced by IASB. Being an independent organization that was not operational to earn profits, IASB, also known as, International Accounting Standards Board, incepted IFRS to facilitate public companies around the globe. IFRS presented a framework that served as a guide for these corporations directing them on preparation and disclosure of the financial statements. The International Financial Reporting Standards offered general guidance to the seekers concerning the financial statements. The standards never strived to set industry specific reporting principles or regulations.

International Standard on Auditing (ISAs) is defined as “professional standards that deal with the independent auditor’s responsibilities when conducting an audit of financial statements”. All these standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). The ISAs include requirements and objectives along with application and other explanatory material. The auditor must have knowledge about the whole text of an ISA, its application and other explanatory material to be aware of the objective and to apply the requirements.

The ASAF is made up of representatives of both national and regional standard setters, and it serves as a check to the IASB to "ensure that a broad range of national and regional input on major technical issues... are discussed and considered." They also provide a background to "facilitate effective technical discussions on standard-setting issues" which may involve the IASB both directly and indirectly. The Financial Accounting Foundation (FAF), which parents FASB, helped carve a path for FASB to join the ASAF despite its refusal to adopt IFRS as its sole accounting standard, and they continue to use their influence to ensure that FASB keeps its presence. During the quarterly ASAF meetings, FASB keeps the other members updated on U.S. GAAP developments as well as IFRS usage in our country (through foreign private

There have been proposals that have been working on with regard to the replacement of GAAP (Generally Accepted Accounting Principles) with IFRS (International Financial Reporting Standards) as used in the accounting and financial reporting aspects. Such convergence requires that the functions of the GAAP standards be added to the IFRS. The International Accounting Standards Board (IASB) developed the IFRS which is a less-detailed financial reporting system.

First, The International Accounting Standards Board (IASB) issues The International Financial Reporting Standards (IFRS) on U.S securities and exchange companies listed.