<P> Over the next 47 years many individual committees , professional bodies and boards released various financial accounting procedural frameworks until 1976 when work began on a US framework that remains in place today , governed by the Financial Accounting Standards Board ( FASB ) . Note : Since April 1 , 2001 the International Accounting Standards Board has been working on developing new international financial reporting standards . The new standards , referred to as International Financial Reporting Standards ( IFRS ) , aim to update and refine existing concepts and provide descriptive guidance that includes comparisons of reporting requirements between IFRS and U.S. GAAP . As a result of establishing International Financial Reporting Standards , the IASB and FASB Conceptual Frameworks and Standards are in the process of being updated and converged to reflect the changes in markets , business practices and the economic environment that have occurred in the two or more decades since the concepts were first developed . One of the foundations of a set of Financial Accounting Standards is the creation of a Conceptual Framework that defines the principles upon which the standards will be based . Most major national and international accounting standards have developed conceptual frameworks to support their work on setting standards . </P>
<P> Over the next 47 years many individual committees , professional bodies and boards released various financial accounting procedural frameworks until 1976 when work began on a US framework that remains in place today , governed by the Financial Accounting Standards Board ( FASB ) . Note : Since April 1 , 2001 the International Accounting Standards Board has been working on developing new international financial reporting standards . The new standards , referred to as International Financial Reporting Standards ( IFRS ) , aim to update and refine existing concepts and provide descriptive guidance that includes comparisons of reporting requirements between IFRS and U.S. GAAP . As a result of establishing International Financial Reporting Standards , the IASB and FASB Conceptual Frameworks and Standards are in the process of being updated and converged to reflect the changes in markets , business practices and the economic environment that have occurred in the two or more decades since the concepts were first developed . One of the foundations of a set of Financial Accounting Standards is the creation of a Conceptual Framework that defines the principles upon which the standards will be based . Most major national and international accounting standards have developed conceptual frameworks to support their work on setting standards . </P>
he content of management accounting reports is governed by
he content of management accounting reports is governed by
Financial Accounting Standards Board ( FASB )
Financial Accounting Standards Board ( FASB )