International Accounting Standards Board Deliberations Research Paper

International Accounting Standards Board Deliberations - Research Paper Example In terms of the history of accounting information, Macve theorized that the accounting of business transactions during the Greek and Roman period and contradictions to the conceptual framework of accounting were easy overshadowed (Macve 1994; 57). Accounting had grown in popularity during the medieval and modern times (Macve 1994). The compulsory implementation of the International Accounting standards –based conceptual framework of accounting enhances the preparation and communication of accounting reports. FASB and IASB published Conceptual frameworks as guides for the preparation of financial reports. The WorldCom, Enron, and other accounting scandals have precipitated to the U.S. Sarbanes Oxley Act. Presently, there is a move to harmonise the U.S. conceptual framework and the U.K. conceptual framework (King 2006). Interested parties contribute their inputs to increase the ease in formulating the conceptual framework of accounting. A conceptual framework serves as a guide in the preparation of accounting report. Likewise, Godfrey emphasized that one of the advantages of incorporating the conceptual framework of accounting is the successful transfer of information to the interested parties to improve the globalization of business organizations (Jayne Godfrey 2007). GAAP and the international accounting standards. The purpose of the synchronization is to have a single set of accounting standards. The single set of accounting standards would increase communication and feedback. The users of the financial statements should receive the information from the preparers in crystal –clear fashion. The best to ensure the vividness is to have only one conceptual framework of accounting. In November 2009, the U.S. Financial Accounting Standards Board (FASB) and the London –based International Accounting Standards Board or (IASB) confirmed their desire to rush the convergence. A third progress report was