Briefly explain and Identify the mission or focus of the two organizations: 1. FASB 2. IFRS and what they are currently working on, hence what the organization is currently focused on and what they are doing to address the issue you identified, and how the issue impacts financial reporting and how they are produced?

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FASB (Financial Accounting Standards Board) mission is to form and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and helps stakeholders on how to most effectively understand and implement those standards. they develop broad accounting concept as well as standards for financial reporting

• What they are currently working on - Currently, FASB converge on a project which aims to eliminate a variety of differences between International Financial Reporting Standards and US GAAP.
• What organization is currently focused on and what they are doing to address the issue you identified. - FASB and the International Accounting Standards Board (IASB) joint work to marks a significant step toward formalizing their commitment to the convergence of U.S. and international accounting standards.  The scope of this project is limited to those differences between U.S. GAAP and IFRS in which convergence around a high-quality solution appears achievable in the short-term. Because of the nature of the differences, it is expected that a high-quality solution can usually be achieved by selecting between existing U.S. GAAP and IFRS.
• how the issue impacts financial reporting and how they are produced? This is intended to help investors and other financial statement users better understand a business's past and present financial position and assess potential future cash flow. A complete set of financial statements for a reporting period should include a statement of financial position, a statement of comprehensive income, a statement of changes in equity and a statement of cash flows. In addition, each financial statement should be shown with equal prominence, and a minimum of two years comparative information is required.

IFRS  (International Financial Reporting Standards) aims to develop standards that bring transparency, accountability and efficiency to financial markets around the world. They serves the public interest by fostering trust, growth and long-term financial stability in the global economy.

• What they are currently working on - Currently, IFRS develops a project to its agenda to develop guidance and examples to help entities apply materiality judgements to accounting policy disclosure. The Board added this project in response to feedback on the Disclosure Initiative—Principles of Disclosure.
• What organization is currently focused on and what they are doing to address the issue you identified. The amendments will affect every entity preparing IFRS financial statements. The amendments do not require specific changes. However, they clarify a number of presentation issues and highlight that preparers are permitted to tailor the format and presentation of the financial statements to their circumstances and the needs of users.
• how the issue impacts financial reporting and how they are produced? if implemented, these recommendations would potentially result in significant changes to current practice.  financial statement users do not find accounting policies that reproduce or summarize IFRS requirements useful. They thought that accounting policy disclosures are useful only when they relate to material transactions, other events or conditions and provide insight into how an entity has exercised judgement in selecting and applying accounting policies.

Step-by-step explanation

The difference between FASB and IFRS is that the two systems is GAAP rules-based. This disconnect manifests itself in specific details and interpretations. FASB focuses on accounting standards in the United States,  while The International Financial Reporting Standards (IFRS) is a set of accounting principles that public companies overseas. GAAP guidelines are set by the Financial Accounting Standards Board (FASB), which is ultimately overseen by a private nonprofit headquartered in the U.S.