FASB Statement No. 128 represents the first time in which the FASB has worked directly with the IASC (predecessor of the IASB) in issuing a major accounting standard. The FASB is now working with the IASB to increase the international harmonization of accounting standards.
In two pages or less, address the following questions: Is it important for the FASB to consider the impact of its accounting standards on the international community? If so, why? If not, why not? In answering these questions, consider how the FASB’s pronouncements might affect businesses operating outside of the United States.