A Study on the Recent Developments of IASB’s Accounting Framework

Author:Lecturer Ştefana DIMA (CRISTEA), Ph. D., Otilia ŞĂRĂMĂT, Ph. D. Student

JEL:M41

DOI:

Keywords:IASB, FASB, accounting framework, financial information, qualitative characteristic

Abstract:
The unprecedented joint activity of the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) has caused, in the last decade, a series of debates on whether or not International Financial Reporting Standards (IFRSs) represent what is best of the international accounting practices. In this context the objective of the present paper is to provide a qualitative analysis on the recent developments in the international financial reporting framework. Moreover, this paper is concentrated on several aspects connected to the changes in the objective of financial reporting and the qualitative characteristics of useful financial information. From the proposed analysis, it emerges the complex nature of these changes and their role in reshaping the future of accounting. \r\n\r\n\r\n\r\n\r\n\r\n

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