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Accounting Standards Board Essay

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Accounting Standards Board





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Accounting Standards Board
Accounting is a process of record keeping that has taken place across the globe for thousands of years. The United States began to adopt improvements to accounting shortly after the Great Depression in the 1930s. Several meetings were held between the New York Stock Exchange (NYSE) and the American Institute of Accountants with the purpose of discussing concerns relating to investors, NYSE, and accountants in the preparation of external financial statements (Schroeder, Clarke, & Cathey, 2011). The following paragraphs will review the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). This study will also review the relationship between the IASB and the FASB.

Financial Accounting Standards Board

The FASB, a board created as a result of a report issued by the Wheat Committee in 1972. The Wheat Committee was appointed by the America Institute of Certified Public Accountants, a group created to develop accounting principles.   The report recommended that the Accounting Principles Board (APB), a board created to advance the written expressions of generally accepted accounting principles (GAAP), be replaced by FASB. Compared to the APB, the FASB would comprise of representatives of various organizations and have full-time paid employees, unlike APB members, who worked part-time, and were not paid.

The FASB quickly became the official body responsible for issuing accounting standards. The Mission of FASB is to improve financial accounting and reporting “for the guidance and education of the public, including issuers, auditors, and users of financial information” (Schroeder, Clarke, & Cathey, 2011)   .   To accomplish this mission, the FASB seeks to:

  1. “Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability and on the qualities of comparability...

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