Home Solutions • Critically discuss and apply a conceptual and regulatory framework for International financial reporting standards.
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· Critically discuss and apply a conceptual and regulatory framework for International financial reporting standards.
In October 2002, the FASB (Financial Accounting Standards Board) and the IASB (International Accounting Standards Board) announced the issuance of a memorandum of understanding ("Norwalk Agreement"), marking a significant step towards formalising their commitment to the convergence of U.S. and international accounting standards. Since then, both boards have been involved actively in a joint project to develop a common conceptual framework.
This would provide a sound foundation for developing future accounting standards which will be principles-based and internationally converged.
An example of such standards is IFRS 13 – fair value measurement, which was jointly issued by the IASB and FASB in 2011 (effective from 2013) as part of the convergence project, and also as a response to the global financial crisis.
You are required to:
Your coursework must be in a report format, with an introduction, the main body addressing the above issues, and a conclusion summarising your coursework. All external sources used must be adequately cited and referenced using the Harvard style of referencing.
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