International Accounting Standards - 1317 Words

International Accounting Standards What is the International Accounting Standards Board? This paper will give a brief overview on the history of the International Accounting Standards, starting with the role of the IASC Foundation, the structure of the IASB and the number of accounting standards currently published. Next, it will explain the steps in creating an international accounting standard in accordance with due process and it will show the mailing address and phone number. Lastly, there will be a summary of two most recent accounting standards issued by the IASB. By the early 1970’s businesses started expanding globally. With the expansions, companies were finding their financials incomparable to other companies in other†¦show more content†¦In the publication they will state an overview of the issue, how to address the issue, view of the IASB and an invitation for comment (International Accounting Standards Board, n.d.). The fourth step is the publication of an exposure draft. This step is mandatory in the due process. The IASB will consider the issues based on staff research and recommendations, comments receive on any discussion paper and suggestions made by the SAC, working groups and accounting standard setters. Once the issues are resolved there is a draft made up. Then the draft is voted on; once voted on this draft will be published for public comment (International Accounting Standard Board, n.d.) Step five, is developing and publishing the standard. After all comments are received on the draft, the IASB will consider revising or not. When considering revising the IASB will check for substantial issues that emerge during the comment period on the exposure draft that it had not previously considered. They assess the evidence that has considered. They evaluate if they have fully understood the issues and have made sure the people views are on the same issues. The IASB considers the different view points in the draft and to make sure they have been reviewed in the correct context for its conclusions (International Accounting Standards Board, n.d.) The last step in developing standard is after the standard is issued. Once issued, there will be ongoingShow MoreRelatedAccounting Standard And International Accounting Standards Essay1500 Words   |  6 PagesAccounting standard has been introduced after the World War II where every country has its own proper accounting practices such as the United States Generally Accepted Accounting Principles (the US GAAP). As time flies, international trade and foreign direct investment has experience a period of rapid growth where the companies begin to expand their business in a larger scale. 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