Accounting Standards Boards Paper

I have learned a lot over the past few years in the subject of accounting.   Since the beginning of the World War II, the idea of the International Convergence started. International convergence is the way the U.S. keeps global accounting standards as similar as possible. There are several accounting issues for business when business is conducted overseas. The currencies used overseas can be different and can cause a difference on how gains and losses are reported. Together, the International Accounting Standards Board and the Financial Accounting Standards Board has worked hand in hand to make sure standards stay similar and keep all of their issues up to date. This essay will explain what the international accounting and financial accounting standard boards and the significance in each.   I will also relate how getting an MSA will help prepare the student for a professional life within the accounting vocation from my point of view.    
In the undergraduate programs, we learned why each standard board became established. The MSA program makes sure you understand the importance of each to know how it can effect a business or you. In the year of 2001, the International Accounting Standards Board (IASB) was established on the grounds of London, which replaced the International Accounting Standards Committee (IASC). They are made up of 14 members who were appointed by a group of trustees whose expertise in all things business financial accounting and reporting. The IASB develops new or revised standards assisting any papers of the financial statements and deals with issues that are not explicitly dealt with by the standards. It severs as the body of a private sector that develops and approves the International Financial Reporting Standards (IFRS). Under the IFRS, the IASB has complete responsibility for the developments and pursues that shows up in their technical agenda. It may also give an approval of interpretation developed by the IFRS committees.
The AICPA was...