10-28-2004, 04:18 PM
Hi Salman,
Glad to be of any help. The Americans follow FASB and have no intentions in the near future to do forgoe that. However, we have seen both IASB and FASB stndards moving closer to each other, IASB moving more towards FASB. As you must know by now that FASB standards are more of rule based with less choices for implementation, in which case similar accounting procedures and principles will be used in a particular industry. IASB on the other hand has had more of a principle based standards in which case there are more than one ways of going about an accounting transaction/recoginiton. We have 'bench mark' and 'allowed alternative'. This I think will be done away with on coming years.
Coming back to classifying these (IASB - IFRS) as British would be giving too much of a credit to the Brits,. these are international and will be followed by most of the world apart from the US come 2005. EU, Middleast, Pakistan, Australia and highly influences standard setters in India, Malaysia, Singapore etc.
I'd be comfortable classifying them as 'International standards' influenced by British standards and nothing more.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
Glad to be of any help. The Americans follow FASB and have no intentions in the near future to do forgoe that. However, we have seen both IASB and FASB stndards moving closer to each other, IASB moving more towards FASB. As you must know by now that FASB standards are more of rule based with less choices for implementation, in which case similar accounting procedures and principles will be used in a particular industry. IASB on the other hand has had more of a principle based standards in which case there are more than one ways of going about an accounting transaction/recoginiton. We have 'bench mark' and 'allowed alternative'. This I think will be done away with on coming years.
Coming back to classifying these (IASB - IFRS) as British would be giving too much of a credit to the Brits,. these are international and will be followed by most of the world apart from the US come 2005. EU, Middleast, Pakistan, Australia and highly influences standard setters in India, Malaysia, Singapore etc.
I'd be comfortable classifying them as 'International standards' influenced by British standards and nothing more.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
