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    Group 1-WPS Office

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    Adewale Peter Olowatosin

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    © All Rights Reserved
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    Group 1-WPS Office

    Uploaded by

    Adewale Peter Olowatosin
    1 views3 pages

    Copyright

    © © All Rights Reserved

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    DOC, PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    1 views3 pages

    Group 1-WPS Office

    Uploaded by

    Adewale Peter Olowatosin

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    GROUP 1

    National Accounting standard board

    Definition

    The National Accounting standard board is a body responsible for setting


    accounting standards in a country, these standards ensure consistency and
    transparency in financial reporting across various organizations.

    History of National Accounting standard board

    The national accounting standard board (NASB)has a rich history that spans
    several decades.here is a brief overview:

    The concept of a national accounting standard board was first introduced in


    the, 1990s in response to the growing need for standardized accounting
    practices in the united states.

    In 1973, the American institute of certified public accountants (AICPA)


    established the accounting standards executive committee ( AC SEC) to
    develop and issue accounting standards.

    Formation of NASB (1980s)

    In 1984 the NASB was officially formed as a successor to A SEC, with the
    primary objective of establishing and issuing accounting standards for the
    private sector.the NASB was initially funded by the AICPA and later became
    an independent organization.

    Key milestone (1990s_2000s)

    In 1990, the NASB issued it's first accounting standards, statement of


    financial accounting standards. In 1993, the NASB and the financial
    accounting standards board (FASB) signed a memorandum of understanding,
    outlining their respective roles and responsibilities. Today, the NASB
    continues to play a critical role in shaping accounting standards in the united
    states.

    Roles and functions of (NASB)

    1. It's main functions is to establish and improve accounting standards to


    ensure transparency consistently, and comparability in financial reporting.

    2. These standards help in providing relevant and reliable financial


    information to stakeholders, including investors , creditors and regulators.

    3. By setting these standards, the NASB aims to enhance the quality of


    financial reporting, promote accounting and facilities decision making based
    on accurate financial information.

    Key contributions of national accounting standard board

    The national accounting standards board (NASB) makes significant


    contributions by setting and improving accounting standards to ensure
    transparency and reliability in financial reporting.

    Impact of accounting pratice on national accounting standards


    board

    Accounting practices directly impact the national account standards board


    (NASB) as they help shape and refine the accounting standards.the national
    accounting standards board current accounting practices industry trends,
    and international standards when developing and updating accounting
    standards to ensure they remain relevant and effective in the ever- evolving
    business environment.

    Current relevance of national accounting standards board

    1. It's standards are essential for providing consistent and comparable


    financial information, which is crucial for stakeholders in making informed
    decisions and maintaining trust in the financial markets.
    2. The national accounting standard board on going efforts help uphold the
    integrity of financial reporting and support the over all stability of the
    economic.

    3. national accounting standards board continue to play a critical role in


    setting and improving accounting standards to ensure transparency and
    reliability in financial reporting.

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