The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project.
Write a 1,050- to 1,400-word paper describing the relationship between the IASB and the FASB. Include the following in your paper:
- Give a brief history of the relationship between the two boards. Focus on the relationship and not the individual history of each organization. That does not mean you cannot offer a brief history on each organization. For example, when it was created and it (current) purpose. Do not include information like the number of members, location, standard setting process, etc. If the organization evolved from another, it is not necessary to go into a detail about the previous organization. Stating it is the successor of a previous organization (name) is acceptable. You want to focus on what is relevant. Your discussion should include the current and future status of Convergent Project and new Projects.
- IASB equivalents to FASB’s pronouncements; for FASB, use the current Accounting Standards Codification pronouncements.
- An explanation of how the MSA program prepares the student for a professional life within the accounting vocation
Format your paper consistent with APA guidelines, including appropriate in-text cites and references. See additional information under Course Polices – Writing Center, Originality Report & Plagiarism.
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have a common goal to achieve the global standards of accounting. The differences between accounting methods of different countries as well as the differences in economic environments are essential factors to