ACC Standards Essay Example

to develop global accounting standards that prioritize accuracy in financial reporting.
SAAB covers standards related to financial statements such as balance sheets, cash flow statements, and income statements through their conceptual frameworks along with ABS (Haycocks, 2009). Despite some differences in detail, these frameworks share similar foundations. The SAAB framework is presented as a single document while the ABS framework consists of seven published concepts. It's important to note that neither framework addresses measurement treatment.Geoffrey Whetting (2008) states that there is still no consensus among standard setters on how to address inflation accounting because users and preparers of accounts have conflicting views. Whetting (2007) also notes that both frameworks prioritize decision usefulness for investors in general financial reports. A recent report suggests that the International Financial Reporting Standards (FIRS) will replace Generally Accepted Accounting Principles (GAP) in the United States by 2014, which will greatly impact how US public companies present their financial reports. The controversy between GAP and FIRS centers around fair value and market value concepts (Hail, Else, & Haycocks, 2009). If these issues persist, both the SEC and FAST may take action against SAAB regarding its funding and governance practices. Furthermore, criticism has been directed at the board for their inadequacy. In 2002, SAAB and FAST entered into an agreement known as the "Norwalk Agreement" or memorandum of understanding with the goal of collaborating towards a common objective, as stated by Woven Hanson. There have been debates about whether the United States should adopt FIRS, with arguments presented both in favor of and against it. Some argue that convergence could result in a disaster similar to what happened with the metric system. Additionally,

without establishing a specific implementation date, convergence would not occur.Some argue that the lack of an established date for accounting standards could lead to weak standards. It is important to consider the differences in accounting principles between the United States and other countries, as well as its litigious legal system. The main concern is potential legal actions resulting from increased judgments required by FIRS without prior legal adjustments before converging with them. The funding issue concerning SAAB and FAST is known as Serbians-Solely. According to Serbians-Solely, public companies and accountants are obligated to fund FAST while contributions are prohibited. However, contributions can be made towards SAAB, but there are concerns about possible pressure from special interest groups. The stability and credibility of SAAB greatly depend on addressing the source of funding. Additionally, there is a program called MASS (Master of Science in Accounting) that follows NASA's model (National Association of State Board of Accountancy). This program offers advanced coursework covering various accounting subjects, such as communication for accountants, information systems, financial accounting report, legal aspects of business, internal control systems, taxation auditing not-for-profit and government accounting forensic accounting ethics in accounting.The MASS program is advantageous for those looking for accounting jobs in the corporate world and also helps meet the academic requirements for professional certification exams such as CPA and CAM exams. These exams are important for career growth. By pursuing an MS in Accounting, individuals can build a strong foundation to excel in these competitive exams. Additionally, this degree equips individuals with analytical skills that are crucial in today's complex accounting industry.

This paper focuses on the collaboration between FAST and SAAB, highlighting the significance

of the MASS program. Both boards have a common goal of achieving convergence of accounting standards, which ensures reliable financial statements for public users. Currently, they are working together to create a harmonious accounting environment.