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Difference Between IASB and FASB

Iasb vs fasb

accountingIASB or International Accounting Standards Board and FASB or Financial Accounting Standards Board are both related to accounting. Though the IASB and FASB have come together in most of their functions, they are still different in many aspects.

When comparing their origin, the International Accounting Standards Board came into existence on April 1, 2001. The IASB can be called as the successor of International Accounting Standards Committee. The IASB deals with the development of International Financial Reporting Standards and promoting the application of these standards. The IASB based in the UK capital London is an accounting standard setter, which is independent and funded privately.

The FASB is based in the United States and came into existence in 1973. It replaced the Accounting Principles Board (APB) and the Committee on Accounting Procedure (CAP). The FASB is a no-profit organisation, which caters to the development of Generally Accepted Accounting Principles (GAAP) in the interest of the public.

Coming to the organisation, the International Accounting Standards Board has 16 members on board, each having a vote. The members are chosen based on their professional competence and practical experience. Though unanimous vote are not counted for publication of a standard, exposure draft, the approval by nine members is required.

Well, the Financial Accounting Foundation (FAF) selects the board members of the Financial Accounting Standards Board. The FASB has 5 full time members and these members should have to give up all their affiliation or ties with their earlier firms or institutions that they have worked. These members are appointed for five years and also get an extension of one year. Apart from the five full time members, there are about 68 other members who are professionals drawn from various fields such as government, public accounting and industry.

Summary
1.The International Accounting Standards Board came into existence on April 1, 2001. Meanwhile, the Financial Accounting Standards Board came into existence in 1973.
2.The IASB is based in London and FABS is based in the US.
3.The IASB can be called as the successor of International Accounting Standards Committee. The FASB replaced the Accounting Principles Board (APB) and the Committee on Accounting Procedure (CAP).
4.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.


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