International Accounting Standards Paper

Essay by cdcesarioUniversity, Bachelor'sA+, March 2009

download word file, 4 pages 0.0

�PAGE � �PAGE �1� International Accounting

International Accounting Standards Paper

Cierena Cesario


ACC 440

Sharon Powers

International Accounting Standards Paper

In today's rapidly growing global economy, the need for a common accounting structure and standards between all countries involved with business affairs has become increasingly important. This report is the result of the research requested by management in preparation for a business trip to London. Included in this report is a brief history of the International Accounting Standards Board (IASB), which will briefly discuss the role of the International Accounting Standards Committee Foundation (IASC), the structure of the IASB, and finally, an explanation of the steps involved in creating an international accounting standard in accordance with due process. Also included in this report is the pertinent information that briefly summarizes the two most recent accounting standards issued by the IASB. The listed local mailing address in London, England is: First Floor, 30 Cannon Street, London, EC4M 6XH, United Kingdom; and the phone number is: +44 (0)20 7246 6410.


The Role of the IASC Foundation

The IASC Foundation has several important roles. "The Foundation is committed to developing, in the public interest and through its standard-setting body, the International Accounting Standards Board (IASB), a single set of high quality, international financial reporting standards for general purpose financial statements." ( One role of the IASC Foundation is to bring about a convergence between national and international accounting standards, and international financial reporting standards. Another important role is developing a single set of comprehensible and enforceable global accounting standards while improving the quality of these standards to they are transparent and the information is readily available in financial statements, as well as, ensure these standards are used internationally. Furthermore, "The International Accounting Standards Committee (IASC) was formed in 1973...