What role does the FASB play in relation to the IASB?
Understand the Problem
The question is asking about the relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) specifically focusing on their collaboration or competition regarding global accounting standards.
Answer
FASB works with IASB to maintain and develop global accounting standards.
FASB works with IASB to maintain and develop global accounting standards and aims to converge US GAAP with IFRS to enhance comparability and improve reporting quality.
Answer for screen readers
FASB works with IASB to maintain and develop global accounting standards and aims to converge US GAAP with IFRS to enhance comparability and improve reporting quality.
More Information
The collaboration between FASB and IASB helps ensure that financial reporting is consistent and transparent, which is critical for investors and companies operating in multiple countries.
Sources
- What's the Relationship Between IASB and FASB? - INAA - inaa.org
- The web page with info on - Example Source - indeed.com
- IASB-FASB convergence - IAS Plus - iasplus.com
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