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The SEC's "Condorsement" Proposal
Finance & Accounting
Pages 3 (753 words)
The SEC’s “Condorsement” Proposal Contents The SEC’s “Condorsement” Proposal 1 Contents 2 Introduction 3 Financial Accounting Standards Board (FASB) 3 International Accounting Standards Board (IASB) 4 Relation between FASB and IASB 4 Condorsement 5 Conclusion 6 Reference 7 7 Introduction Every registered company has to prepare financial statement every year annually, semi annually or on a quarterly basis.
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 of condorsement of the accounting standards. Financial Accounting Standards Board (FASB) Financial accounting standard board is an organization which establishes financial accounting standards. Financial accounting standard board was established in 1973. The accounting standards which are laid down by the financial accounting standard board are recognized by the security exchange commission as per section 101 and also by the American institute of certified public accountant too. The mission of the organization is establishing financial accounting standards and improving them so that the investors can get useful information from the report of the financial statements (Financial Accounting Standard Board, n.d). ...
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