The Accounting Standards Board ( Iasb ) And The...

Since 2007, both the Financial Accounting Standards Board (IASB) and the International Accounting Standards Board (IASB) have been collaborating on a unified project pertaining to the creation of a new accounting standard for insurance contracts. Currently, no international accounting standard exists under the International Financial Reporting Standards (IFRS), as they tend to follow the guidance of U.S. Generally Accepted Accounting Principles (GAAP). However, the standards proposed by both boards differ slightly. In June 2013, the FASB issued an Exposure Draft, Proposed Accounting Standards Update: Insurance Contracts (Topic 834) that strayed slightly from the IASB’s Exposure Draft Insurance Contracts also issued in June 2013. Initially, the FASB introduced a model with a scope including not only insurance entities but also noninsurance entities that issued insurance contracts. Nevertheless, the FASB’s goals in the alternation of insurance accounting have diverged fur ther from its initial convergence efforts with the IASB after the FASB voted in a board meeting on February 19, 2014, to narrow the focus of the insurance contracts project to pertaining solely to insurance entities, which is the same scope as current U.S. GAAP. The FASB was pressured by insurance entities, professional accounting organizations, and other financial statement users to reduce the scope of its exposure draft on insurance accounting or to specify which entities would fall under the control of theShow MoreRelatedProjects: Insurance Contracts and Revenue Recognition1606 Words   |  7 Pagesproject Insurance contracts Q2. The reason why the project was added to the work programme of the accounting standard-setting body The insurance industry is a significant and increasingly international industry and insurance contracts expose entities to uncertain and long term obligations. In recent years, insurance contracts of accounting fail to provide users the information that they need to understand the insurer’s performance, financial position and risk exposure. Furthermore, International FinancialRead MoreInternational Accounting Standards1317 Words   |  6 PagesInternational Accounting Standards What is the International Accounting Standards Board? This paper will give a brief overview on the history of the International Accounting Standards, starting with the role of the IASC Foundation, the structure of the IASB and the number of accounting standards currently published. Next, it will explain the steps in creating an international accounting standard in accordance with due process and it will show the mailing address and phone number. Lastly, there willRead MoreMultinational Corporations And The Standards Of Their Home Country That Have More Than One Way For An Issue1397 Words   |  6 Pagesinclude, multinational corporations are starting to use the accounting standards of their home country that might have more than one way for an issue, IASC has gained encouragement to create standards for transparent reporting and applicably consistently and consistently with the world, standard setters for securities and nationally are finding standard setters for other standard sett ers. 1B The auditor helps assure that accounting standards are be applied correctly all the time. The auditors are expectedRead MoreProposed Accounting Standards Changes and Their Effects on Essay840 Words   |  4 Pagesby the International Accounting Standards Board and How These Changes Will Affect the United States’ General Accepted Accounting Practices The changes that are proposed by the International Accounting Standards Board (IASB) will affect the United States’ Generally Accepted Accounting Principles (GAAP). These changes may have the most significant effects in the areas of revenue recognition, leases, and financial instruments ( ). The proposed changes under the IASB call forRead MoreConvergence Between Ifrs And Usgaap1208 Words   |  5 PagesBETWEEN IFRS AND USGAAP INTRODUCTION International Financial Reporting Standards (IFRS) are a set of accounting standards that are developed by the International Accounting Standards Board (IASB). This accounting standard is followed by approximately 130 countries as propagated by IASB. IASB is an independent accounting setting body that is based in London. It consist of 14 voters from multiple countries, including United States. Another accounting standard that is being followed is USGAAP thatRead MoreConvergence Between Ifrs And Usgaap1532 Words   |  7 PagesBETWEEN IFRS AND USGAAP INTRODUCTION International Financial Reporting Standards (IFRS) are a set of accounting standards that are developed by the International Accounting Standards Board (IASB). This accounting standard is followed by approximately 130 countries as propagated by IASB. IASB is an independent accounting setting body that is based in London. It consist of 14 voters from multiple countries, including United States. Another accounting standard that is being followed is USGAAP thatRead MoreInternational Accounting Standards And Public Companies944 Words   |  4 Pageshigh-quality, globally-accepted accounting standards. The American Institute of CPA’s (AICPA) believes U.S. adoption of a single set of high-quality, globally accepted accounting standards will benefit U.S. financial markets and public companies by enabling preparation of transparent and comparable financial reports throughout the world† (aicpa.org). HISTORY The original international accounting standards were developed in 1966. This was also around the time that the International study group was proposedRead MoreDifference Between Gaap And Ifrs1221 Words   |  5 Pagessomething. Specifically when dealing with accounting there are many different opinions on what are considered the best rules. There are two sets of rules in the world of accounting: the Generally Accepted Accounting Principles (GAAP), primarily used by the United States, and the International Financial Reports Standards (IFRS), primarily used by other countries. Since 1999, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have been working to remove theRead MoreThe Fasb And The Iasb Essay1028 Words   |  5 Pages 1. Revenue From Contracts With Customers: Narrow-Scope Improvements and Practical Expedients. (2016). Retrieved September 09, 2016, from http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176168130444acceptedDisclaimer=true On May 28, 2014, the FASB and the IASB discharged a standard on the acknowledgment of income from contracts with clients. On June 2014, the FASB and the IASB (all things considered, the Boards) advertised the arrangement of the FASB-IASB Joint Transition Resource GroupRead MoreLeases Are A Contractual Agreement1508 Words   |  7 Pagesleases: operating and capital leases, and there are various rules implemented by the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB), for evaluating leases to determine if they are capitalized or not. A capital lease is associated with the purchasing of a capital asset, while an operating lease is associated with the use of an item that requires a fee. The new accounting rules may have adverse effects on company’s balance sheets, the income statements