Topic: Accounting – Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)

Designed for grades: 11-12 for high school or first-year and sophomore for junior college

Estimated learner time: 50 minutes total

Objectives: The learner will:

I.1.1 Describe the current and historical regulatory environment of the accounting profession

I.1.2 Identify the major policy-setting bodies in the accounting profession and explain their role

Description: This activity focuses on understanding two policy-setting bodies in accounting: FASB and IASB; applying key terms in accounting; and analyzing regulatory concepts of accounting.