An accounting standard can be defined as a guideline for financial accounting. It covers topics such as how a firm prepares and presents their business income, expenses, assets and liabilities are set in accordance with the International Accounting Standards Board (IASB).

1. Accounting standards
Accounting Standard and the goals of 2002 Convergence
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An accounting standard can be defined as a guideline for financial
accounting. It covers topics such as how a firm prepares and presents
their business income, expenses, assets and liabilities are set in
accordance with the International Accounting Standards Board (IASB).
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we all know, the bilateral convergence program takes place in 2002
by the FASB and the International Accounting Standards Board (IASB) in
which the FASB implemented a three-part strategy seeking better
comparability in accounting standards internationally:
1. Developing high quality GAAP standards
2. Actively participating in the development of International
Financial Reporting Standards (IFRS)
3. Enhancing relationships and communications with other national
standards setters.

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DEVELOPING HIGH QUALITY GAAP STANDARDS
The FASB had continuously has tried to meet the needs of investors and
other GAAP-based financial reports users internationally by improving
the quality of GAAP. The FASB believes in high-quality standards as
their development will ever influence the shape of international
accounting standards, as they have for more than 40 years. Creating
high-quality standards and the best standard-setting process, the FASB
serves as a reference for other setters.
ACTIVELY PARTICIPATING IN THE DEVELOPMENT OF IFRS
The FASB actively participates towards the development of IFRS, giving
intel on IASB projects by the IASB’s Accounting Standards Advisory
Forum (ASAF) and also by pointing mistakes on past experiences.

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FASB believes that their efforts improve GAAP benefit on the
international perspectives.
ENHANCING RELATIONSHIPS AND COMMUNICATIONS WITH OTHER
NATIONAL STANDARD SETTERS
The FASB works to strengthen its existing relationships with other
national standard setters. As a result from these relationships, the wide
range of information mutually informs each organization’s thinking and
contributes to the shared understanding of perspectives and
circumstances that can avoid unnecessary differences among standards
used throughout the world. The FASB might conclude that its own
capital markets outweigh the goal of forming completely converged
accounting standards.
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