Fasb and Iasb


The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board has been evolving over 60 years with the same goal of providing an international standard for financial reporting.   The FASB’s mission is to establish standards through convergence with the IASB that are reliable, credible, concise and useful for the end user. The relationship between the two boards has evolved into a collaborative effort for developing a unified international financial accounting standard that companies would use worldwide for comparing financial statements. According to FASB Chair Russell Golden noted that “bilateral convergence between the FASB and the IASB needs to evolve to recognize the increasing role of other jurisdictions in the global standard-setting, especially those representing major capital markets. The first priority is to improve financial reporting for the benefit of investors and other users of financial information in U.S. capital markets. (Jeffrey, G. (2013).

A Masters in Accounting Science (MAS) is a professional degree offered by many colleges and is structured to help the student take and pass the CPA exam or to secure a career in corporate accounting or finance.   Through this program I plan to study and prepare myself for the CPA exam.   The course load is writing intensive and my goal is to become efficient in both my writing skills and prepare for the CPA exam.

FASB is part of a structure that is independent of all other organizations and businesses.   According to the FASB website, the mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.   Those standards are officially recognized as authoritative by the Securities and Exchange Commission (SEC).   The Financial Accounting Foundation (FAF) is a structure that includes...