Client understanding Essay

Submitted By PTCRUISER02
Words: 1101
Pages: 5
Open Document
Accounting Standard Boards Paper
ACC/541
September 09,2013
Heber Howard

Accounting Standard Boards Paper
In the business of accounting two boards stand out the first one is the International Accounting Standards Board (IASB), and the second is the Financial Accounting Standards Board (FASB). The two boards are putting together this joint adventure to have a universal standard recognized internationally by entities for reporting of financial statements. This adventure will help to ensure that reporting of financial information is consistent globally and in the United States. The adventure will also help investors, stakeholders, the public, and financial institutions to read the financials in a clearer format. This paper will provide a brief understanding of the two boards joint adventure referred to as the convergence project. After discussing the relationship between the two boards along with the equivalents of the FASB original pronouncements, the paper will explain briefly how the MSA program prepares students for a professional life within the accounting vocation and how he or she will be able to make ethical business decisions.
IASB and FASB
The IASB is an independent regulatory body based in the United Kingdom, which aims to develop a set of global accounting standards (Investopedia, 2013). The IASB has 14 board members 12 are full-time and two are part-time and was established in 2001 as the successor to the International Accounting Standards Committee (answer, 2013). The FASB established in 1973, consist of seven members (Investopedia, 2013). The FASB is an independent board consisting of accounting professionals who establish and communicate standards of financial accounting and reporting in the United States (Investopedia, 2013).
Relationship between the IASB and FASB
Both boards focus on establishing accounting and financial reporting standards. The FASB focus is on the United States, and the IASB is globally. The two often work together because businesses today are going global so both boards are trying to set goals visible to both the United States and global. The FASB also sets standards and goals for individual certified public accountants practicing in the United States. The convergence the IASB, and the FASB is a project to combine various accounting and financial reporting requirements developed by both entities into single international financial reporting standards. Before the IASB, and the FASB had different fair value measurements and disclosure requirements. Developing different requirements makes it difficult for global corporations to determine which standards they must follow. Both boards are combining their efforts into one standard concerning the fair value and disclosure requirements. This will make it easier for businesses properly to report financial statements.
The benefits of having one set of global standards makes financial reporting more transparent, makes sure companies are adhere to the proper financial reporting, and makes it easier for investors to decide to do business with the companies. The differences between IASB, and the FASB are that the FASB is a private, non-government division of the U.S. Securities and Exchange Commission. The FASB funding comes through the SEC. The IASB is a private company, which receives funding from private donors and corporations. FASB members are people who primarily work and reside in the United States. The IASB members are composed of people who work and live in many nations around the world.
MSA Program
The MSA program helps students to gain employment in accounting, auditing, budgeting, and managerial positions in public accounting, "private industry, management, consulting, and government, and not-for-profit organizations"(Cameron School of Business, 2013, p. 3). The program also will help students prepare for the CPA examination if he or she chooses to do the exam; they will be able to understand the exam more clearly.
Show More

Related Documents: Client understanding Essay

Client Understanding

Running head: Client Understanding Client Understanding Paper Letitia Edwards University of Phoenix July 1st, 2013 Professor Boswell Abstract One of the most important responsibilities of accounting personnel is to ensure compliance with Generally Accepted Accounting Principles. To ensure compliance, a new employee would need to review the firms’ current financial statements and get clarification if needed. Client Understanding Paper Reorganization of personnel…

Words 1366 - Pages 6

Client Understanding

Client Understanding Mike Stanley Accounting 541 December 04, 2014 Kenneth Burton Client Understanding A company must post and adjust financial statements according to rules and regulations of the Financial Accounting Standards Board (FASB). Accountants routinely advise clients regarding purchases and asset management. Business managers are wise to seek council regarding common accounting concepts affecting modern commerce. The preceding…

Words 1019 - Pages 5

Client Understanding jcarson Essay

Client Understanding Jessica Carson ACC/541 April 22, 2013 Leslie Crews Client Understanding To complete the analysis of the current clients’ work papers certain information must be gathered to review. The requested information will be on the following topics (1) adjusting lower cost of market inventory on valuation, (2) capitalizing interest on building construction, (3) recording gain or loss on asset disposal, and (4) adjusting goodwill for impairment. An analysis of each topic will be discussed…

Words 1496 - Pages 6

Week 2 Written Work Feedback Client Understanding Paper Victoria Polk

1 1 Research is adequate and timely for the topic. 1 1 The context and purpose of the writing is clear (e.g., critique, research, sample memo, business plan). 1 1 The content of the paper is comprised of no more than 20% quotations. 4 4 Understanding of Strategic Human Resource Concepts 30 Percent Percent Available: Percent Earned:30 Comments: Brought in information from the readings to support the ideas and perspectives positioned in the paper, referencing at least 3 different sources from…

Words 631 - Pages 3

Skills Used in Person Centred Counselling Essay

help you to notice what the client is NOT saying, by noticing their body language, and also their tone and pace of voice. The use of non-verbal cues and the counsellor’s own body language conveys to the client that he is interested in what the client has to say. (Bolton 1979). Managing silences from the client shows…

Words 2708 - Pages 11

Cultural Diversity In Group Therapy Essay

individual. As groups are comprised of many differing characteristics, diversity becomes important as clients deal with feelings of belonging. Just as the group may focus on differences as a factor of individuality, the diverse nature of each individual can show that problematic behavior…

Words 955 - Pages 4

Person Centered Therapy Paper

genuine therapeutic environment where clients feel safe to explore their feelings and experiences. school counseling, person-centered therapy is adapted to meet the unique needs of students within an educational setting. Client-Centered Approach: School counselors adopt a client-centered approach that prioritizes the student's experiences, feelings, and goals within the school context. Empathy and Understanding: Counselors demonstrate empathy and understanding toward students, creating a safe and…

Words 962 - Pages 4

Cognitive Therapy And Conflict

correct their errors pertaining to their thoughts which affect their emotions that lead to the unwanted behaviors. Cognitive therapy permits the client to revisit or modify the way they believe or how the individual may perceive their reality that seems to exist based on their thoughts and beliefs. Meanwhile, I believe by showing the client empathy, and understanding plays a major role when building an alliance it creates a strong alliance between…

Words 262 - Pages 2

Analyse Egans 3 Stage Model of Counselling Essay

of specific skills that the therapist uses to help the client move forwards. Egan considered his method to be more about prevention than cure. By mastering the process of using these basic skills in an appropriate manner the talking therapist may be able to increase their efficiency and structure their work in a more logical way, thus helping clients in a more consistent manner and being less reliant…

Words 1726 - Pages 7

Nervous System In Social Work

individual structure and responses, interact with one another (Ginsberg, Nackerlund, & Larrison, 2004, p. 28). Therefore, it is important for social workers to have an understanding of all bodily systems, as well as a basic understanding of the diseases that can affect these systems. This understanding is extremely important when working with clients who may have such diseases. With that said, the nervous system is the most important bodily system for social workers to understand. The nervous system, made…

Words 457 - Pages 2