Iasb vs Fasb

The Inter field Accounting Standards Committee conceptual material (subsequently adopted by IASB) By Amy Huckabay - September 28, 1999 Differences between IASC and FASB Conceptual mannequins Sections in IASC Frame lead 1. Introduction 2. The Objective of fiscal Statements 3. qualitative Characteristics of financial Statements 4. The Elements of fiscal Statements 5. Recognition of the Elements of Financial Statements 6. meters of the Elements of Financial Statements 7. Concepts of pileus and Capital Maintenance FASB Conceptual Framework 1. Objectives of Financial coverage by note Enterprises 2. Qualitative Characteristics of Accounting Information 3. Elements of Financial Statements of Business Enterprises 4. Objectives of Financial Reporting by Nonbusiness Organizations 5. Recognition and Measurement in financial Statements of Business Enterprises 6. Elements of Financial Statements (replaced #3) Purpose of IASC Framework Assist the carte du jour in the development of future standards and in its review of be standards.

Assist the board in promoting harmonisation of regulation Assist bailiwick standard-setting bodies in developing national standards Assist prepargonrs of financial statements in applying multinational Accounting Standards and in dealing with topics that have heretofore to form the subject of an external Accounting Standard. Assist auditors in forming an opinion as to whether financial statements conform with standards Assist users of financial statements in interpreting the data co ntained in financial statements fain in con! formity with internationalistic Accounting Standards Provide those who are interested in the work of IASC with information about its go on to the formulation of International Accounting Standards. If there is a remainder between the framework and a standard, the requirements of the standard will scarper over the...If you wishing to get a full essay, align it on our website: BestEssayCheap.com

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