Accounting Standards Boards Paper

1408 words 6 pages
Accounting Standards Boards Paper
In recent years there has been significant changes made in our understanding of the relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). At present both the IASB and FASB are working on a joint venture referred to as the convergence project in hopes of eliminating a variety of differences between International Financial Reporting Standards and U.S. GAAP. Another area covered in this paper besides a brief history of the relationship between the IASB and FASB will be how the MSA program will prepare students for the accounting profession. The intent of this paper will be to address both issues first; explaining my understanding of the
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GAAP. At this time a decision will be made as to which board has the most efficient set of standards on any given topic. Steps then will be taken to adapt either the IASB or FASB standards and align them into one workable set of standards. The long-term project will be for those accounting standards that will need to be re-written altogether needing addition time for better solutions.
The MSA Program
The MSA provides students with knowledge to meet the requirement set by the AICPA for the professional accountant. The University of Phoenix provides students the education to master the theory and principles that frame a wide range of problems and issues encountered in the everyday practice of an accounting profession.
This program has been designed for individuals seeking to become professional accountants preparing for certification by taking the uniform Certified Public Accountant (CPA) exam. With this degree students may choose to seek employment in such career areas as accounting, auditing, and budgeting or decide to launch the practice of their dreams.
The MSA that University of Phoenix and other universities provide consists of 36 credit hours. The core curriculum which of 30 credit hours covers the areas of accounting, accounting theory and research, accounting information systems, managerial accounting and legal aspects of business, internal control systems, financial reporting, auditing,


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