What is a competency-based interview and how can you prepare for it?
Financial Las Vegas attorney McLetchie named First Amendment Champion and reporting standards essays Since 1973, in the United States, financial accounting and reporting standards have been developed and maintained by FASB in the private sector. With the mission 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" (Schroeder, Clark, & Cathey, 2011, p. 11), FASB's work was viewed favorably by many countries and many of its basic concepts influenced the development of similar frameworks (Kaminski & Carpenter, 2011). On the other hand, the IASB was established in 2001, preceded by the International Accounting Standards Committee (IASC) that operated from 1973 to 2001 (IASB, 2011). The IASB's mission is to develop a set of high-quality standards that are acceptable worldwide (Barth, 2006). The FASB believes in the internationalization of the accounting standards to benefit the users of its financial reports and is committed to convergence its standards with the standards of the IASB. Therefore, in 2002, both the FASB and IASB agreed in the Norwalk Agreement to work toward convergence of their respective accounting principles, the United States General Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) to increase the comparability in the accounting standards (Kaminski & Carpenter, 2011). The logic of the convergence contributes to the users' understanding and confidence in What is a competency-based interview and how can you prepare for it? process. The IASB and FASB pursue a common framework to eliminate differences between both boards by developing standards in areas that need improvements. In 2006, the FASB and the IASB issued a Memorandum of Understanding (MoU) in which the Boards seek to converge by improving the standards (FASB, 2011). However, it is not until November 2007 that the FASB and IASB issued their first converged standards and the SEC allowed that foreign private issuers to file financia.