Overview of FASB's International Activities

FASB: International

Overview of FASB's International Activities

The FASB’s objective for participating in international activities is to increase the international comparability and the quality of standards used in the United States. This objective is consistent with the FASB’s obligation to its domestic constituents, who benefit from comparability of information across national borders. The FASB pursues that objective in cooperation with the International Accounting Standards Board (IASB) and national standard setters.

The FASB believes that the ideal outcome of cooperative international accounting standard-setting efforts would be the worldwide use of a single set of high-quality accounting standards for both domestic and cross-border financial reporting. At present, a single set of high-quality international accounting standards that is accepted in all capital markets does not exist. In the United States, for example, domestic firms that are registrants with the Securities and Exchange Commission (SEC) must file financial reports using U.S. generally accepted accounting principles (GAAP). Foreign firms filing with the SEC can use U.S. GAAP, their home country GAAP, or international standards—although if they use their home country GAAP or international standards, foreign issuers must provide a reconciliation to U.S. GAAP.

The FASB engages in a variety of activities in pursuit of the goals of high-quality international standards and increased convergence of the accounting standards used in different nations. Almost every FASB project is a matter of interest in some other country or with the IASB. This section of the website provides information on the FASB’s international activities and its relationship with other standard setters around the globe.

Convergence with the IASB

Cooperative Efforts with Other Standard Setters

International Accounting Standards Board
If you would like to review or comment upon proposals prepared by the International Accounting Standards Board (IASB) or the International Accounting Standards Committee Foundation (IASCF), see Open to Comment at the IASB's website.