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The SEC's Condorsement" Proposal
Finance & Accounting
Pages 3 (753 words)
The SEC’s “Condorsement” Proposal Table of Contents Introduction 3 3 IASB & FASB and Their Relationship with Each Other 3 Evaluation of the SEC Condorsement Proposal 4 References 7 Introduction In the year 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) agreed to eliminate the various differences and unite their standards in the ‘Norwalk agreement’.
In this study, I would discuss about the IASB as well as the FASB and their relationship with each other. I would then evaluate the SEC proposal and express my opinions about the same. IASB & FASB and Their Relationship with Each Other In year 1973, the International Accounting Standards Committee (IASC) was set up for the purpose of maintaining standardization in the accounting principles all over the world. In 2001, the International Accounting Standards Board (IASB) was constituted subsequent to the restructuring of the IASC. The main goal of the IASB was to prepare and issue standards to be observed in the development of financial statements and also to encourage the global recognition and adherence of those standards. The IASB had hitherto issued various standards known as the International Financial Reporting Standards (IFRS) on different accounting subjects (Deloitte, 2011). The Financial Accounting Standards Board (FASB) was formed in 1972, as a nominated institute in the private sector for setting up standards of financial accounting as well as reporting in the USA. ...
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