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During the year 2002, the IASB and FASB are the two boards formed for financial accounting and reporting. The IASB and FASB have adhered their hands together to do the project jointly. Both the boards formed for the decision making aspects for the company such as the main objectives of the company, characteristics of the company, criteria set by the company and main mission of the company. The main objective of both the boards to build a good structure for the company by distillating, modernizing, implementating and converging them to build a common frame structure. The IASB and FASB both the boards have the rights to use the improved versions of the book keeping principles. Without using the basic principle, both the boards IASB and FASB cannot achieve their goals (Arora, 2010). The main reasons of using the principle based standards required a conceptual framework because to compute the financial report of the company with other companies in the same field which will help the company to understand the financial condition of the company with respect to the other companies. This is a theory of book keeping which is measured as the regulating speculation of book keeping. This theory gives the guidance to the companies to improve their financial positions of their company.
The importance of IASB and FASB share common conceptual frame works are if both the boards formed together for decision making process then the standard of making the report and the financial accounting better. This will help the company to understand better about their financial position and the lack of decision making by the company. If both the boards IASB and FASB work together then the standard of the frame work made by both the IASB and FASB will be better. This is because every company have some fault while taking decisions. To minimize these faults while taking decisions from the company’s point of view, both the boards are required work together (Barnett, 2012). When two boards are working together, the standard of analyzing will be much better for both the boards IASB and FASB. Both the boards can concentrate better on the concept of the assignment. If both the boards such as IASB and FASB work together then they can deal with the huge assortment of concepts and will have better developments for the company. From the time when both the boards such as IASB and FASB works together, the company have a good structure made by both the boards by distillating, modernizing, implementating and converging them to build a common frame structure. The IASB and FASB boards can give a proper guidance to the company so that the company can develop and improve their frame structures in the company’s financial report. Both the boards have segmented the task in eight different segments. It helps both the boards to develop the frame structure so that the company can make good structure in the financial report of the company (Baxter, 2014).
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