International Accounting Standards Board

The IASB Conceptual Framework is a framework developed by the International Accounting Standards Board (IASB). In a nutshell, what this framework does is to lay out the concepts needed for accurate preparation and presentation of financial statements to external users such as auditors, tax authorities, investors, regulatory authorities and so on. According to the IASB, the Conceptual Framework for Financial Reporting does the following; “…describes the objective of, and the concepts for, general

users of financial statements (SEC, 2000). The framework serves as a guide for the standard-setting bodies to develop International Accounting Standards and how to effectively enforce the use of each standard (IAS, 2010). These IASs were first issued by the International Accounting Standards council (IASC) and later on approved and amended by the International Accounting Standards Board (IASB). These standards are crucial for sustaining high level of financial reporting and also assure that the

challenged by disparate accounting standards between jurisdictions, preventing the free flow of capital worldwide. The mission of the International Accounting Standards Board (IASB) is to develop a single set of accounting standards, enabling capital to flow in international markets as easily as information spreads between people. This paper presents a brief history of international accounting standard setting and the IASB, considers arguments for and against international standards, analyzes problems

At the moment nearly more than 100 countries comply with the IASB standards. Moreover the board is also responsible for the International Financial Reporting standards (Ready ratios, 2010). The process for setting these standards comprises of certain stages such as: setting the agenda, planning, developing the discussion paper and exposure draft and finally setting the standard. After issuing the standards the board members hold meetings to discuss and review whether there are any issues

As the globalization of markets has become more prominent in recent years, many are wondering why a single set of accounting standards are not followed. After all, English may be the business language, but accounting is the language of business. Accounting standards are essentially just rules that must be followed when reporting any accounting data on any of the company’s financial statements. The objective is to provide the user (creditor or investor) with relevant information of the company’s financial

IAS 18: Revenue. During the same financial year a new standard to account for revenue was issued namely IFRS 15: Revenue from contracts with customers. The reasons for issuing a new standard was because IAS 18 was broad and therefore lead to confusion and inconsistencies in the treatment of similar transactions. The new standard results in different accounting implications in the annual financial statements of Transnet. To evaluate the accounting implications of IFRS15 it must be compared with IAS

Similar to the Financial Accounting Standards Board’s (FASB) governance of U.S. GAAP in the United States, the International Accounting Standards Board (IASB) was formed in 2001 to be the governing body responsible for International Financial Reporting Standards (IFRS). IFRS standards are beginning to be recognized globally as the leading accounting standards. Since 2002, the IASB and FASB have been committed to agreeing on unified international accounting standards. The ultimate goal is for IFRS

Introduction The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) oversee the standards for both the US GAAP (Generally Accepted Accounting Principles) and the IFRS (International Financial Reporting Standards). With the proliferation of global business and ever growing markets, an attempt has been made within the last ten years to align both standards the two standards. The US GAAP has always given the guidelines and steps for American companies

The International Accounting Standards Board (IASB) enforced the harmonization of the accounting standards into a single set of accounting standards that is to be used globally in the preparation of financial statements and is called the International Financial Reporting Standards (IFRS). This essay will discuss the benefits of developing the IFRS, which is to enhance and increase the quality of the companies’ financial statements through transparency and comparability, value relevance, timely loss

The International Accounting Standards Boards (IASB) and the Financial Accounting Standards Board (FASB) are making an effort to converge to develop International Financial Reporting Standards (IFRS) by gathering accounting standards that can be used in financial reporting whether it is in the home country or in the host country. Both the International Accounting Standards Board and the US FASB have proven to be vital promoters of the globalization of international financial accounting standards (Kirsch