Internet Exercises


1			The International Accounting Standards Board (IASB) became operational in 2001 as a result of a major restructuring of its former organization, which was called the International Accounting Standards Committee (IASC). The IASB website has a link entitled "About Us" which in the section "About the IASB" contains information about the structure of the IASB and its objectives. What is the IASB and what are its objectives? http://www.iasb.org.uk




2			In January 2006 the AcSB (Accounting Standards Board) of Canada approved a Strategic Plan governing its standard setting activities and announced that Canada will converge their accounting standards with International Financial Reporting Standards (IFRS). But the Strategic Plan limits the convergence to standards to publicly accountable enterprises. Read the Summary of the Strategies in the document "Accounting Standards in Canada: New Directions" in the Strategic Plan area of the AcSB website www.acsbcanada.org. What are the three major types of reporting enterprises that the AcSB covers and why are reporting standards for them all not being converged with IFRS?




3			Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting and reporting in the United States. These standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission (SEC). The mission of the FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information. The FASB website has a link to international activities. What is the FASB's objective for participating in international activities? http://www.fasb.org/

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