Tag Archives: FASB

Abbreviations Heard at Meetings of the National Association of State Boards of Accountancy AAA – American Accounting Association AACSB – American Assembly of Collegiate Schools of Business ACAP – Advisory Committee on the Auditing Profession (US Treasury Department) ACCA – Association of Chartered Certified Accountants ACAT – Accreditation Council for Accountancy and Taxation (NSA affiliated…

April 27, 2009 During the past several years, the move toward a single set of high quality, globally accepted accounting standards has gained momentum. For example, in 2005 the European Union began requiring companies incorporated in its member states whose securities are listed on an EU-regulated stock exchange to prepare their consolidated financial statements in accordance…

April 27, 2009 U.S. Uniform CPA for the first time in the UAE Registration begins in May and International Administration set for August 2011 During the past several years, the move toward a single set of high quality, globally accepted accounting standards has gained momentum. For example, in 2005 the European Union began requiring companies incorporated…

April 1, 2009 NASBA responds to the March 12 hearing of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government-Sponsored Entities and the specific bipartisan sentiments on fair value accounting expressed by members of the House of Representatives. NASBA believes the public interest is better served through a time-tested process which purports to…

October 28, 2008 International Convergence: Why? A single set of high-quality accounting standards is key to a global reporting system The rest of the world has spoken (not U.S. GAAP) Facilitates world-wide investment Reduces the cost of capital Reduces operational costs See Full Presentation:Global Accounting Standards Report

October 27, 2008 On October 27, 2008, NASBA, on behalf of its 55 boards of accountancy, sent a Letter of Comment to the United States Securities and Exchange Commission in response to the current discussions about fair value accounting. We request your attention to this letter expressing caution and careful deliberation and due process involving any…

November 13, 2007 NASBA comments to the SEC on the “Concept Release on Allowing U.S. Issuers to Prepare Financial Statements in Accordance with International Financial Reporting Standards.” This process allows the best and most desirable characteristics of both accounting systems to be incorporated into a single set of converged accounting principles. Convergence will facilitate the…

January 24, 2006 At the last annual meeting of the National Association of State Boards of Accountancy (NASBA), a panel discussed the subject of who should be the standard setter for private company generally accepted accounting principles. One of the panelists was Edward Trott, a member of the Financial Accounting Standards Board (FASB). The panel…