The SEC's Condorsement" Proposal

The SEC
Undergraduate
Research Paper
Finance & Accounting
Pages 3 (753 words)
Download 0
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’…

Introduction

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. ...
Download paper
Not exactly what you need?

Related papers

Dissertation Proposal
For making the financial base robust, the government has to use the sources available to them efficiently and should do sector wise development. In the era of globalization, when the economies of the countries connected with each other, the problem in one country can create problem to the whole world. In the year 2007, the economy of the United States has come under trouble. The reason behind the…
Research Proposal
The Sarbanes-Oxley Act of 2002 (SOX) is the legislative solution to the ethical scandals, such as Enron, Tyco, Qwest, Global Crossing, and WorldCom, involving accounting irregularities and fraud (Stephan, 2007). This Act implements extensive changes to public accounting and corporate laws, and also expands corporate governance extending the responsibilities of senior executives and board members.…
The SEC's "Condorsement" Proposal
The main objective of using accounting standards is to make the preparation of the accounting statements of all the companies as per same accounting methods which would in term help in comparing different companies. It also ensures transparency of transactions, accountability and reliability of the transactions. In this project the convergence of the FASB and IASB has been discussed with the view…
Audit proposal
This therefore shows that an audit should be frequently undertaken and in a very concise manner. Another reason it should always be undertaken is that it helps mitigate the possibility of any risks in the operations of the business. In line with the above, an auditor selected to conduct one to an organization needs to write an audit proposal to convince the management on the importance of…
Management Dissertation Proposal Proforma
Yes Degree Programme: MBA in Finance & Accounting Specialization Track: General _______ Finance -X- Marketing_______ [Please check as appropriate] Other___________________ (please specify) DATE: January 10, 2012Aims of dissertation Background of the research Financial markets across the world have been reporting increasing integration within the as well as across different boundaries. There are…
proposal for dissertations
The significant impact of shadow banking system that facilitates complex financial structures, derivatives and asset securities have resulted in extreme trading risk as compared to the normal banking operations. The banking system is regulated by the competition commission, which summon operations of the banks towards a complex monopoly for banking giants as compared to the smaller banks (Buckle &…
Research Proposal
For a turn-around investment, it got a great opportunity through the ideal Cogitel set back. The company’s profitability soon increased, as the company stock was taken over by Zeghal and turn-investment team. Through this investment it obtained a qualifying certificate which ultimately helped them to gain profit. As a result, they transformed into a regional packaging leader from a family owned…