ACC 541 Week 1 Individual Assignment Accounting Standards Boards Paper

May 1st, 2015
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ACC 541 Week 1 Individual Assignment Accounting Standards Boards Paper

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Accounting Standards BoardsACC/541 Accounting Standards BoardsThe International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) first converged in 2002 following the Norwalk Agreement (Whittington, 2007). The convergence was inspired by the need of the boards to produce a solid infrastructure by uniting the two frameworks represented by each board in a bid to harmonize accounting practices worldwide (Whittington, 2007). Additionally, the convergence was also inspired by the need to attain improvement in accounting standards by achieving completeness, and improving coherence (Whittington, 2007). In the IASB framework for example, Bullen, and Crook (2005) note that there were specific areas of difficulty that benefited from the convergence. Some of these areas include the explicit meaning of what liability is, and the distinction between equity and liability. Joining ForcesDuring the FASB/IASB convergence announcement in 2002, the two boards stated that they would work together to develop accounting standards that would be used for both cross-border, and domestic financial reporting. They also stated that they would work toward making their respective standards compatible, and that future work programs would be done with the need to retain compatibility (Schroeder, Clark & Cathey, 2011). Another development in the FASB/IASB relationship took place in 2004 when the two bodies announced that they

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