What is the FASB?

0 like 0 dislike
426 views
in Articles - Mosquiche
The FASB is one organization that provides standardized guidelines for financial reporting. The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information.
Accounting standards are essential to the efficient functioning of the economy because decisions about the allocation of resources rely heavily on credible, concise, transparent and understandable financial information. Financial information about the operations and financial position of individual entities also is used by the public in making various other kinds of decisions.

To accomplish its mission, the FASB acts to:

--Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability and on the qualities of comparability and consistency;
--Keep standards current to reflect changes in methods of doing business and changes in the economic environment;
--Consider promptly any significant areas of deficiency in financial reporting that might be improved through the standard-setting process;
--Promote the international convergence of accounting standards concurrent with improving the quality of financial reporting; and
--Improve the common understanding of the nature and purposes of information contained in financial reports.

The FASB develops broad accounting concepts as well as standards for financial reporting. It also provides guidance on implementation of standards. Concepts are useful in guiding the Board in establishing standards and in providing a frame of reference, or conceptual framework, for resolving accounting issues. The framework will help to establish reasonable bounds for judgment in preparing financial information and to increase understanding of, and confidence in, financial information on the part of users of financial reports. It also will help the public to understand the nature and limitations of information supplied by financial reporting.

Please log in or register to reply to this post.

Related posts

0 like 0 dislike
0 comments 1,362 views
0 like 0 dislike
0 comments 406 views
0 like 0 dislike
0 comments 368 views
0 like 0 dislike
0 comments 355 views
0 like 0 dislike
0 comments 341 views
0 like 0 dislike
0 comments 303 views
0 like 0 dislike
0 comments 345 views
0 like 0 dislike
0 comments 383 views
0 like 0 dislike
0 comments 353 views
0 like 0 dislike
0 comments 324 views
0 like 0 dislike
0 comments 313 views
0 like 0 dislike
0 comments 349 views
0 like 0 dislike
0 comments 332 views
0 like 0 dislike
0 comments 460 views
0 like 0 dislike
0 comments 431 views
0 like 0 dislike
0 comments 419 views
0 like 0 dislike
0 comments 425 views
0 like 0 dislike
0 comments 457 views
0 like 0 dislike
0 comments 455 views
0 like 0 dislike
0 comments 438 views
0 like 0 dislike
0 comments 414 views
0 like 0 dislike
0 comments 404 views
0 like 0 dislike
0 comments 420 views
0 like 0 dislike
0 comments 450 views
0 like 0 dislike
0 comments 403 views
0 like 0 dislike
0 comments 410 views
0 like 0 dislike
0 comments 438 views
0 like 0 dislike
0 comments 392 views
0 like 0 dislike
0 comments 424 views
0 like 0 dislike
0 comments 420 views
0 like 0 dislike
0 comments 379 views
0 like 0 dislike
0 comments 444 views
0 like 0 dislike
0 comments 357 views
0 like 0 dislike
0 comments 361 views
0 like 0 dislike
0 comments 365 views
0 like 0 dislike
0 comments 310 views
0 like 0 dislike
0 comments 332 views
0 like 0 dislike
0 comments 301 views
0 like 0 dislike
0 comments 301 views
0 like 0 dislike
0 comments 350 views
0 like 0 dislike
0 comments 392 views

55,458 posts

595 comments

2 comments

720,137 users

Connect with us:
...