Question - Understanding the FASB and IASB
While this course focuses on U.S. financial standards, it is also important to learn about international standards. In today's constantly connected world, a huge number of companies do business with companies and customers outside of their home countries. This week's second Application will give you the opportunity to analyze the relationship between the international and U.S. financial standards.
Addressing the following points:
• Briefly explain the relationship between FASB and IASB.
• How do the FASB and IASB currently cooperate to establish accounting standards?
• How do these efforts influence financial reporting?
• Why is it important or significant from a global business perspective to have an international set of accounting standards?