Iasb vs Fasb

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The International Accounting Standards Committee Conceptual Framework (subsequently adopted by IASB) By Amy Huckabay - September 28, 1999 Differences between IASC and FASB Conceptual Frameworks Sections in IASC Framework 1. Introduction 2. The Objective of Financial Statements 3. Qualitative Characteristics of Financial Statements 4. The Elements of Financial Statements 5. Recognition of the Elements of Financial Statements 6. Measurements of the Elements of Financial Statements 7. Concepts of Capital and Capital Maintenance FASB Conceptual Framework 1. Objectives of Financial Reporting by Business Enterprises 2. Qualitative Characteristics of Accounting Information’ 3. Elements of Financial Statements of Business Enterprises 4. Objectives of Financial Reporting by Nonbusiness Organizations 5. Recognition and Measurement in financial Statements of Business Enterprises 6. Elements of Financial Statements (replaced #3) Purpose of IASC Framework • Assist the Board in the development of future standards and in its review of existing standards. • Assist the board in promoting harmonization of regulation • Assist national standard-setting bodies in developing national standards • Assist preparers of financial statements in applying International Accounting Standards and in dealing with topics that have yet to form the subject of an International Accounting Standard. • Assist auditors in forming an opinion as to whether financial statements conform with standards • Assist users of financial statements in interpreting the information contained in financial statements prepared in conformity with International Accounting Standards • Provide those who are interested in the work of IASC with information about its approach to the formulation of International Accounting Standards. If there is a conflict

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