Accounting Standards Board

In: Business and Management

Submitted By jsti
Words 1168
Pages 5
Accounting Standards Board Paper
Joy L. Stigall
ACC/541 Accounting Theory and Research
September 8, 2013
Heber Howard

Accounting Standards Board Paper The accounting profession has been around for thousands of years. According to records, accounting can be seen as early as 1915 B.C. It wasn’t until 1494 that an Italian monk, Fra Luca Pacioli, wrote a book that included a description of double-entry bookkeeping system that enabled business organizations to keep complete records of transactions and ultimately resulted in the ability to prepare financial statements (Schroeder, 2011). This was just the beginning of the accounting profession. It has evolved to include many governing entities. One of the first was the Committee on Accounting Procedures, then the Accounting Principles Board, the Wheat Committee, Trueblood Committee and to where we are now, the Financial Accounting Standards Board (FASB). With the wide array of business relationships that we have developed in today’s time, the international business world has adopted the International Accounting Standards Board (IASB). These two boards have decided to adopt a convergence project. I am going to attempt to briefly show some similarities and differences in the two boards and how the Master’s program at the University of Phoenix will prepare me for the accounting profession. First let’s look at the FASB. They are the main governing board for accountants and govern the Generally Accepted Accounting Principles (GAAP). The FASB’s conceptual framework project identifies the goals and purposes of financial accounting. The concepts are created to give guidance in: * Selecting the transactions, events and circumstances to be accounted for * Determining how the selected transactions, events and transactions should be measured * Determining how to summarize and report the results of…...

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