International trade has become an integral eyeshot of the wealth of nations. However, with increased globalization of the economy, U.S. multinational companies face issues think to accounting for foreign- ground operations, currencies and accounting principles. U.S. multinational companies must account for and depict foreign-based operations greenbackd in U.S. dollars using U.S. generally evaluate accounting principles (GAAP) set by the Financial Accounting Standards Board (FASB) (Baker, Lembke, & King, 2005). Unfortunately, not all foreign entities account for their operations based on the U.S. dollar, nor do these entities practice GAAP. Therefore, accountants preparing financial statements must moot both the differences in accounting principles and the differences in currencies used to measure the foreign
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entitys operations (p. 611). Developing uniform, consistent robust accounting mensurations countenance for user confidence in the financial statements in adjunct to savings in time and effort from having one standard of compliance (Horne, 2005).
Because methods used to appraise economic activity and to depict information needs differ from country to country, the International Accounting Standards Committee (IASC) formed the International Accounting Standards Board (IASB) in 2001 to synchronize accounting internationally (International Accounting Standards Board, About us, n.d.).
This account describes the relationship between the IASB and the FASB and includes the following:
1. A brief annals of the relationship between the IASB and the FASB
2. The IASB equivalents for the original FASB pronouncements
3. Explains how the Masters of Science in Accountancy (MSA) program prepares the student for professional life at heart the accounting vocation
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