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This video compares the Financial Accounting Standards Board (FASB) to the International Accounting Standards Board (IASB). The FASB is the standard-setter for Generally Accepted Accounting Principles (GAAP) in the United States. The IASB is the standard-setter that creates International Financial Reporting Standards (IFRS), which have been adopted by more than one hundred countries. The FASB and the IASB have a similar structure: each has a set of board members that are selected by a foundation that also provides oversight. Both the FASB and the IASB are also supported by an advisory council and an organization the addresses issues of divergent accounting practice (for the FASB this is the Emerging Issues Task Force; for the IASB this is the IFRS Interpretations Committee). The size of the IASB board is roughly double the size of the FASB board because the IASB has members from around the world.-
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