Which of the following is a phase of the joint FASB and IASB Conceptual Framework project?

The eight phases of the joint FASB and IASB framework project are: 1) objective and qualitative characteristics, 2) elements and recognition, 3) presentation and disclosure, 4) reporting entity, 5) measurement, 6) framework for GAAP hierarchy, 7) applicability to the not-for-profit sector, and 8) any remaining issues …

What is the objective of the joint FASB IASB convergence project?

The objective of this project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP. The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in October 2002 (the ‘Norwalk Agreement’).

Is IASB and FASB same?

The IASB deals with the development of International Financial Reporting Standards and promoting the application of these standards. The FASB is a no-profit organisation, which caters to the development of Generally Accepted Accounting Principles (GAAP) in the interest of the public.

What are the differences between IASB and FASB measurement conventions?

Answer and Explanation: The IASB’s conceptual framework focuses on preparing financial statements as it aims to fulfil the need of all the stakeholders as a whole. The FASB focuses on financial reporting since its objective is to meet the necessities of the investors.

What is the relationship between FASB and GAAP?

The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP).

What is the purpose of the FASB conceptual framework?

The FASB Conceptual Framework is a theoretical foundation of interrelated objectives, concepts, principles, and definitions that enable the establishment and application of consistent financial accounting standards.

What are the qualitative characteristics of accounting information as identified in the IASB conceptual framework?

The four enhancing qualitative characteristics continue to be timeliness, understandability, verifiability and comparability.

What are the roles of IASB?

The IASB has overall responsibility for all technical matters, which include preparing and issuing IFRSs; preparation, and issuance, of exposure drafts; setting up procedures for reviewing comments received on documents that have been published for comment; and issuing bases for conclusions.

What is the difference between FASB and IFRS?

The International Accounting Standards Board (IASB), founded in 2001 and based in London, oversees and updates the International Financial Reporting Standards (IFRS), The Financial Accounting Standards Board (FASB) establishes and updates the accounting rules for the GAAP standard in the U.S.

What have IASB FASB convergence efforts achieved?

In October 2002, the IASB and FASB signed a memorandum of understanding that has come to be known as the “Norwalk Agreement.” The two boards pledged to use their best efforts to (a) make their existing financial reporting standards “fully compatible as soon as is practicable” and (b) “to coordinate their future work …