Internation Financial Reporting Standards (Ifrs)

external fiscal Reporting Standards (IFRS)
Accounting is the process of arrangement pecuniary transactions and summarizing data into documents that tell users about the pecuniary status of a company. In indicateing these transactions the control must make judgments about the proper ways to record the transactions. To guide these judgments there are principles that ware been craped by governing boards with the authority to mountain a framework of jet standards.
Who Establishes These Standards?
Today there are different standards used in each country and in an effort to attain unanimity around the world a new set of standards is universe developed. These standards called the International Financial Reporting Standards (IFRS) are being created by the International Accounting Standards carte du jour (IASB). In the past the worldwide rules or International Accounting Standards (IAS) were set by the International Accounting Standards Committee (IASC).
In accounting it is mainly the auditors who get word and initiate the standards needed for financial statements. At present in the United States the Financial Accounting Standards Board (FASB) has the authority to establish the standards used by practicing U.S. accountants.



Throughout time these governing boards have changed due to the ever-changing business environment. In the beginning accountants set forth their own committee to set the standards for their field. This was the Committee on Accounting appointed by the American Institute of aware Public Accountants (AICPA). In 1959 this board was replaced by the Accounting Principles Board of the AICPA. And finally in 1973 this duty was shifted to yet another board, the Financial Accounting Standards Board (FASB) who was elected by the Securities and Exchange delegation (SEC) (Who Founded the GAAP?). The SEC, a government agency was not at rest with a private sector organization establishing the rules for preparation of financial statements for use by...If you want to get a full essay, nightclub it on our website: Orderessay



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