Standards

Each country develops their accounting principles based on the stopping point needed by the taxing authority. The Generally Accepted accounting Principles (GAAP) is one of the major accounting standards used. The some an other(prenominal) accounting standards hang back the worldwide Financial Reporting Standards (IFRS) developed by the international account Standards board (IASB), which is located in London. Throughout this theme the IASB will be discussed including the history and the two most raw standards issues. Role of IASC In March or 2001, the worldwide be Standards commissioning (IASC) metrical foot was formed. This foundation was formed as a not-for-profit corporation formed in the USA. International invoice Standards Committee animal foot (IASC Foundation) is the oversight body for the International accountancy Standards Board (IASB). The IASB an independent accounting standard- orderter based in London, UK.

fit to the International Accounting Standards Committee Foundation constitution the objectives of the IASC Foundation imply: (a) To develop, in the public interest, a single set of spunky prime(a), understandable and enforceable global accounting standards that contract mettlesome quality, transparent and comparable information in fiscal statements and other financial reporting to help participants in the worlds bang-up markets and other users make economic decisions; (b) To promote the use and pie-eyed industriousness of those standards; and (c) To bring about convergence of national accounting standards and International Accounting Standards and International Financial Reporting Standard s to high quality solutions. Structure Th! e structure of the IASB includes two main features. The basic feature is the IASC Foundation is an independent organization having to main bodies, the Trustees and the IASB. The other feature is the Standards advisory Council and the International Financial Reporting Interpretations Committee. The IASC...If you necessity to get a full essay, order it on our website: OrderEssay.net

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