In recent years, there has been an ongoing debate in the accounting profession focusing on the...

In recent years, there has been an ongoing debate in the accounting profession focusing on the quality of the accounting standards issued by the International accounting Standards Board versus those issued by the Financial Accounting Standards Board. Research and briefly explain the key philosophical difference between those two important rule-making bodies that significantly affects the nature of the accounting standards promulgated by each.

Solutions

Expert Solution

International Accounting Standard Board and Financial Accounting Standards Board both are related to accounting and their functions may look similar but still, there are some differences.

IASB deals with the development of international financial reporting standards and promoting the applications of these standards. IASB based in the capital of the united kingdom is an accounting standard-setter. Whereas FASB is based in the united states and it is a no-profit organization, which caters to the development of the Generally Accepted Accounting Principles (GAAP) in the interest of the public.IASB has 16 members on board and each of them having voting power while FASB has 5 full-time members and has other 68 members who are professionals drawn from various fields.

probably the most distinct difference between the two lies in the area of post-implementation of standards.The FASB has no formal process

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

There has been much debate in recent years about the role of the Federal Reserve System....

There has been much debate in recent years about the role of the Federal Reserve System. Explain in detail how the Federal Reserve functions and influences policy decisions.

Debate the unethical behaviors found in the accounting profession and your suggestions for prevention of these...

Debate the unethical behaviors found in the accounting profession and your suggestions for prevention of these damaging behaviors. With various high-profile examples of unethical behavior in the financial and accounting profession that negatively affected employees, investors, and the entire U.S. economy, explain your position on teaching ethics to accounting students and professionals. Is it "buyer beware," or do you advocate for more checks and balances over financial practices? What is one example that you read about that caused massive financial...

in recent years, there has been pressure from a variety of groups for pursuing global accounting...

in recent years, there has been pressure from a variety of groups for pursuing global accounting harmonization. who are these groups, and how do they stand to benefit from accoutning harmonization? DO NOT ANSWER WITH PICTURED OF SOMETHING HANDWRITTEN. I PROMISE YOUR HANDWRITING IS NOT AS GOOD AS YOU THINK.

in recent years, there has been pressure from a variety of groups for pursuing global accounting...

in recent years, there has been pressure from a variety of groups for pursuing global accounting harmonization. who are these groups, and how do they stand to benefit from accoutning harmonization?

Intelligence has been under debate for many many years. Why is this an important topic to debate?

Intelligence has been under debate for many many years. Why is this an important topic to debate? According to what you have read in this class what do you think are the most important aspects of intelligence? Why? How important is emotional intelligence?

Background: Particular attention has been placed on ethics in accounting in recent years. Improper accounting methods, fraud,...

Background: Particular attention has been placed on ethics in accounting in recent years. Improper accounting methods, fraud, and other misdeeds have surfaced, adversely impacting the reputation of the accounting industry. This exercise illustrates improper accounting decisions can lead to investigated cases of purposeful fraud. Scenario 3 You saw your boss take money from the petty cash fund so that she can take you to lunch. Should you automatically assume that your boss will report that withdrawal properly? Why or why not?...

Background: Particular attention has been placed on ethics in accounting in recent years. Improper accounting methods, fraud,...

If you have been paying any attention to recent political debate, renewable energy has been a...

If you have been paying any attention to recent political debate, renewable energy has been a big topic. Obviously, Houston's economy is heavily dependent on fossil fuels, but it is clear that it is incumbent upon us nationally and regionally to begin transitioning to cleaner energy sources. Yes, I know that many people are clinging to the past and ignoring global warming, but I am hoping that everyone in this class is enlightened enough to realize that carbon-driven climate change...

An attorney in the Washington Metropolitan area has been in the law profession for several years....

An attorney in the Washington Metropolitan area has been in the law profession for several years. Over the years it is known that she has won 60% of all her cases representing her clients. She currently has 15 cases pending. Answer the following questions. Show what you put into the calculator and possible calculations for each part, not just the answers. Think binomial. Use the TI 83 showing all your work. a. Probability that she will win 10 cases? b....

Discussion Question - There is an ongoing debate about the roles of quantitative and qualitative inputs...

Discussion Question - There is an ongoing debate about the roles of quantitative and qualitative inputs in demand estimation and forecasting. Those in the qualitative camp argue that statistical analysis can only go so far. Demand estimates can be further improved by incorporating purely qualitative factors. Quantitative advocates insist that qualitative, intuitive, holistic approaches only serve to introduce errors, biases, and extraneous factors into the estimation task. Suppose the executive for the theater chain is convinced that any number of...

Subjects