IASB vs. FASB: What’s the difference? - RoseRyan.

Major similarities between FASB and IASB: Same organizational structure FASB and IASB are each belongs to an organization that has four main bodies. Also, the internal structure and responsibility assignment of these organizations are basically the same. FASB and IASB are the standard setting board of the organizations.

The IASB framework starts with a broad focus, by discussing the objectives in terms of information useful to a wide range of users in making economic decisions. It lists a wide variety of present and potential users. The IASB framework narrows that focus to a particular group of users.

International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project. Write a 1,050- to 1,400-word paper describing the relationship between the IASB and the FASB.

The IASB and the FASB are working together to combine various accounting and financial reporting requirements developed by both entities into single international financial reporting standards. For example, the IASB and the FASB previously had different common fair-value measurement and disclosure requirements.

Accounting. Assignment 1 Case 3-8 IASB vs. FASB Conceptual Frameworks Q. Discuss the similarities and differences between the FASB and IASB conceptual frameworks with respect to the definitions of the elements of financial statements.

The FASB has topic 605 (Revenue Recognition). The IASB has IAS 18 (Revenue) and IAS 11 (Construction Contracts). The result was absence of uniformity in revenue recognition method across industries and geographical locations.

GAAP vs. IFRS Standards GAAP generally accepted accounting principle The Financial Accounting Standard Board issues GAAP, which focus on the practices of US companies. GAAP is known as the common set of rules, standards and procedures for accounting used in financial reporting.

The IASB and FASB have developed a cohesive relationship to construct global standards that are consistent with current United Sates Generally Accepted Accounting Principles (GAAP). The IASB and FASB have completed projects to attain the uniform set of standards, (1) FASB’s Short-term International Convergence Project, (2) Norwalk Agreement, and.

Board (IASB) in July 2006 as part of its joint project with the US Financial Accounting Standards Board (FASB) to develop a common conceptual framework that both Boards can use in developing new and revised accounting standards. 2.2 In the DP, the IASB and FASB proposed that the converged framework should specify only one objective of financial.

Purpose of the framework The FASB framework is similar to the IASB framework in its purpose to assist in developing and revising standards, but it resides at a lower level in the hierarchy- a very important difference. Under IFRS, managements is expressly required to consider the framework if there is no standards of interpretation for that.

Accordingly IASB and FASB the main objectives of the project are to provide a single revenue recognition model that could apply consistently across various industries and transactions, to develop a model on changes in specific assets and liabilities that would eliminate inconsistencies in existing concepts and standards and to converge IFRS and U.S. GAAP requirements.