Tag Archives | Development

Developing FASB’s Conceptual Framework: 4 Components

The following points highlight the four major components of Financial Accounting Standards Board (FASB) in developing conceptual framework. The components are: 1. The Objectives of Financial Reporting 2. The Qualities of Useful Information 3. Elements of Financial Statements 4. Recognition and Measurement. 1. The Objectives of Financial Reporting: The FASB's first Statement of Financial Accounting Concepts (SFAC 1) (1978) identified [...]

By Manukriti Nandwani|2016-06-18T07:01:37+00:00June 18, 2016|Financial Reporting|Comments Off

Process of Developing International Accounting Standards

In developing international accounting standards, the IASC, now IASB follows the following procedures: 1. The IASC board selects a topic and assigns it to a steering committee which is made of four representatives, at least one of which is a board member and at least one of which is from a developing country. 2. The steering committee studies the issues [...]

By Archna Mohan|2016-06-18T06:59:44+00:00June 18, 2016|Accounting Standards|Comments Off

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