Tag Archives | Development

Developing FASB’s Conceptual Framework: 4 Components

The following points highlight the four major components of Financial Accounting Standards Board (FASB) in developing conceptual framework. The components are: 1. The Objectives of Financial Reporting 2. The Qualities of Useful Information 3. Elements of Financial Statements 4. Recognition and Measurement. 1. The Objectives of Financial Reporting: The FASB’s first Statement of Financial Accounting […]

Process of Developing International Accounting Standards

In developing international accounting standards, the IASC, now IASB follows the following procedures: 1. The IASC board selects a topic and assigns it to a steering committee which is made of four representatives, at least one of which is a board member and at least one of which is from a developing country. 2. The […]

shopify traffic stats