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Essay / Research Paper Abstract
A 3 page paper discussing changes likely to result from collaboration between IASB and FASB for presentation of financial statements. The Joint International Group is careful to state that changes do not address components comprising factors included on gross financial statements. The purpose is to facilitate understanding of an organization's present financial position in uniform terms. The end result should be that investors or potential investors will be able to examine financial statements from a single perspective regardless of where the organization is headquartered. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSacctIasbFasbJt.rtf
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Unformatted sample text from the term paper:
Growing globalization of business created a wealth of problems in financial reporting in that the US operated differently from the rest of the developed world. Those
urging other Western nations to adopt US standards had been making headway until news of the Enron scandal broke. The organization was shaken with the first reports of confirmed
abuses; it collapsed when the full extent of its financial difficulties was disclosed. The need has moved beyond that of simple convenience, and
in 2001 the International Accounting Standards Board (IASB) based in London and the Financial Accounting Standards Board (FASB) of the US began discussions of how they might jointly reform some
points of financial reporting to be more uniform and helpful to investors or potential investors. The result is that the Joint International Group has nearly finished its project.
The purpose here is to list some of the changes. Statement of Financial Accounting Concepts No. 6 FASBs Statement of Financial Accounting Concepts
No. 6 was published in 1985 to more closely define terms and to establish requirements for presenting financial information in annual and quarterly reports of business results. Defined terms
were quite basic and included such terms as assets, revenues and expenses. FASB further categorized elements of the financial statement into three groups: assets, liabilities and equity.
Paragraphs 24 - 89 discuss these terms and their components, explaining what each is and how it should be reported. Joint International Group
The Joint International Group (JIG) also defines terms, but is careful to state that the joint project is intended to "focus on form and content, classification and aggregation, and display
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