The Impact of the IAESB on Accounting Standards
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Impact of the IAESB on Accounting Standards
The International Accounting Standards Board (IASB) is an independent, private-sector body that is responsible for developing and promoting the use of International Financial Reporting Standards (IFRSs). The IASB was established in 2001, succeeding the International Accounting Standards Committee (IASC), which was formed in 1973. The IASB’s mission is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based on clearly articulated principles.
The impact of the IASB on accounting standards has been significant. The IFRSs developed by the IASB have been adopted by more than 140 jurisdictions around the world, including the European Union, Australia, Canada, and many countries in Asia, Africa, and Latin America. These standards are used by companies in those jurisdictions when preparing their financial statements. This has led to greater consistency and comparability of financial information across different countries, which is beneficial for investors, analysts, and other users of financial information.
The adoption of IFRSs has also made it easier for companies to access global capital markets, as investors and other financial stakeholders are more likely to understand and trust financial information that is prepared in accordance with a common set of standards. This has led to an increase in cross-border investment and trade, which has helped to promote economic growth and development around the world.
The IASB has also been influential in promoting the use of fair value accounting, which measures assets and liabilities at their current market value. This approach has been widely adopted in the wake of the financial crisis of 2008, as it provides more transparent and relevant information about the value of a company’s assets and liabilities.
The IASB has also been active in addressing emerging issues in accounting, such as the accounting for financial instruments and for leases. In recent years, the IASB has also focused on improving the quality and usefulness of financial information for investors, such as by enhancing the requirements for disclosure of information about a company’s risks and uncertainties.
The IASB’s work is also closely coordinated with that of other standard-setting bodies, such as the Financial Accounting Standards Board (FASB) in the United States, the Accounting Standards Board of Japan, and the Canadian Accounting Standards Board. This coordination helps to minimize the differences between the standards used in different countries, which is beneficial for companies that operate in multiple jurisdictions.
The IASB also plays a role in the development and improvement of accounting education and professional development. They offer educational materials and training programs to help prepare professionals for the implementation and application of IFRSs.
Overall, the IASB has had a significant impact on the development and adoption of high-quality, internationally recognized accounting standards. Its work has led to greater consistency and comparability of financial information across different countries, which is beneficial for investors, analysts, and other users of financial information. The IASB’s work has also helped to promote economic growth and development by making it easier for companies to access global capital markets. The IASB will continue to play a vital role in the development of international accounting standards in the future.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The Impact of the IAESB on Accounting Standards
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