Standards and Principles for the Accounting Profession

Standards and Principles for the Accounting Profession Brett Sullivan Kaplan University Standards and Principles for the Accounting Profession Introduction As the business world becomes more than of a global community, rather than subsets of smaller communities divided by country, the need for account standards to adapt to and facilitate this change becomes more and more pronounced. This paper digest discuss the current standards-setting boards for the U.S. and for the world-wide community, and it give go into some discussion around plans for the U.S. to aggrandize international standards and rules in the future. About the IASB The International Accounting Standards Board, or IASB, is a private, not-for-profit organization that was established in 2001, as a successor to the International Accounting Standards Committee. (International Financial Reporting Standards: An AICPA Backgrounder, 2011). The elementary purpose of the IASB is to develop accountancy standards and reporting systems that will be adopted worldwide. About the FASB The U.S. Financial Accounting Standards Board, or FASB, is a small independent group that was established in the proto(prenominal) 1970s to develop and maintain accounting standards for nongovernmental entities in the U.S. (Porter, 2010).

These standards aid to ensure consistency of accounting information, which is helpful to investors, confederation circumspection and the IRS, who are all users of accounting information. Benefits of One Standard As stated previously, the IASBs primary goal is to establish accounting standards that will be adopted globally. The benefits of having one worldwide standard for accounting and financial reporting include the fact that it will allow for more consistency of information regardless of where a company is domiciled. (CFA Level 1, 2011). As economies continue to become increasingly global, this will allow investors to have confidence in financial and accounting information provided. Concerns... If you want to get a full essay, indian lodge it on our website: Orderessay

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