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Chapter 1: Q1IFRS (page 34)

What organizations are the two key international players in the development of international accounting standards? Explain their role.

Short Answer

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TheIOSCO (International Organization of Securities Commission) and theIASB (International Accounting Standards Board) are the two key international players involved in the development of international accounting standards.

Step by step solution

01

Meaning of FASB

The term Financial Accounting Standards Board refers to the board that regulates the establishment, improvement, and revision of standards with the aim of facilitating companies for accounting and reporting. This helps them learn how to record business transactions and show them to users of financial statements.

02

Role of IOSCO (International Organization of Securities Commission)

The IOSCO plays an important role in:

  • Developing and implementing internationally accepted and uniform standards on regulation, oversight, and enforcement.
  • Provision of high standards of technical support, education and training, and research to its members and other regulatory bodies.
  • Aims to create a robust global capital market and a global regulatory framework.
03

Role of IASB (International Accounting Standards Board)

The IASB plays an important role in:

  • Developing in the interest of the public, a set of uniform, high-quality, clearly understandable, enforceable, and International Financial Reporting Standards (IFRS Standards) that are accepted across the globe.
  • Serve the general interest of the public by building trust, progress, and financial stability in the global economy in the long term.

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Most popular questions from this chapter

The Sarbanes-Oxley Act was enacted to combat fraud and curb poor reporting practices. What are some key provisions of this legislation?

General-purpose financial statements are prepared primarily for: (a) internal users (b) external users (c) auditors (d) government regulators

Presented below are three models for setting GAAP.

  1. The purely political approach, where national legislative action decrees GAAP.
  2. The private, professional approach, where GAAP is set and enforced by private professional actions only.
  3. The public/ private mixed approach, where GAAP is basically set by private-sector bodies that behave as though they were public agencies and whose standards to a great extent are enforced through governmental agencies.

Instructions

  1. Which of these three models best describes standard-setting in the United States? Provide justification for your answer.
  2. Why do companies, financial analysts, labor unions, industry trade associations, and others take such an active interest in standard-setting?
  3. Cite an example of a group other than the FASB that attempts to establish accounting standards. Speculate as to why another group might wish to set its own standards.

Question: What was the Committee on Accounting Procedure, and what were its accomplishments and failings?

Some individuals have indicated that the FASB must be cognizant of the economic consequences of its pronouncements. What is meant by 鈥渆conomic consequences鈥�? What dangers exist if politics play too much of role in the development of GAAP?
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