Coming Soon
Subscription Marketplace - Buy and sell subscription products and services
0 like 0 dislike
580 views
in Articles by
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 topic.

Related topics

0 like 0 dislike
0 replies 1,502 views
posted in Articles by Octopixy
0 like 0 dislike
0 replies 555 views
posted in Articles by Sassassin
0 like 0 dislike
0 replies 529 views
posted in Articles by GreedySmile
0 like 0 dislike
0 replies 482 views
posted in Articles by HairySeahorse
0 like 0 dislike
0 replies 477 views
posted in Articles by MagicalCyborg
0 like 0 dislike
0 replies 429 views
posted in Articles by Scorpeon
0 like 0 dislike
0 replies 483 views
posted in Articles by Octopuppy
0 like 0 dislike
0 replies 539 views
posted in Articles by Tabooccaneer
0 like 0 dislike
0 replies 543 views
posted in Articles by Knighthawk
0 like 0 dislike
0 replies 525 views
posted in Articles by Knighttime
0 like 0 dislike
0 replies 457 views
posted in Articles by SilkPredator
0 like 0 dislike
0 replies 452 views
posted in Articles by nicejone
0 like 0 dislike
0 replies 490 views
posted in Articles by Finderpros
0 like 0 dislike
0 replies 465 views
posted in Articles by HairyFoal
0 like 0 dislike
0 replies 616 views
posted in Articles by HairyMagpie
0 like 0 dislike
0 replies 594 views
posted in Articles by ShowDolphin
0 like 0 dislike
0 replies 588 views
posted in Articles by GrizzlyFlash
0 like 0 dislike
0 replies 576 views
posted in Articles by VoyageHooper
0 like 0 dislike
0 replies 616 views
posted in Articles by BeautifulWolf
0 like 0 dislike
0 replies 604 views
posted in Articles by FrighteningTwinkles
0 like 0 dislike
0 replies 594 views
posted in Articles by Wallaby
0 like 0 dislike
0 replies 583 views
posted in Articles by Falconjurer
0 like 0 dislike
0 replies 556 views
posted in Articles by Emufasa
0 like 0 dislike
0 replies 584 views
posted in Articles by Celestiger
0 like 0 dislike
0 replies 602 views
posted in Articles by PositiveVoid
0 like 0 dislike
0 replies 552 views
posted in Articles by OpinionOwl
0 like 0 dislike
0 replies 566 views
posted in Articles by TrustyKitty
0 like 0 dislike
0 replies 600 views
posted in Articles by SleepyFledgling
0 like 0 dislike
0 replies 570 views
posted in Articles by GroundHurricane
0 like 0 dislike
0 replies 570 views
posted in Articles by SwiftHeroine
0 like 0 dislike
0 replies 563 views
posted in Articles by Sumogre
0 like 0 dislike
0 replies 534 views
posted in Articles by GamerAlpaca
0 like 0 dislike
0 replies 632 views
posted in Articles by MysteryWasp
0 like 0 dislike
0 replies 580 views
posted in Articles by BumblingBee
0 like 0 dislike
0 replies 514 views
posted in Articles by Herogue
0 like 0 dislike
0 replies 525 views
posted in Articles by Dingopher
0 like 0 dislike
0 replies 436 views
posted in Articles by Butcherry
0 like 0 dislike
0 replies 464 views
posted in Articles by PlaySeal
0 like 0 dislike
0 replies 443 views
posted in Articles by ForceSoldier
0 like 0 dislike
0 replies 440 views
posted in Articles by UncleRhino
0 like 0 dislike
0 replies 580 views
posted in Articles by HarshThunder
0 like 0 dislike
0 replies 589 views
posted in Articles by LovableStorm
0 like 0 dislike
0 replies 567 views
posted in Articles by GiftedWrecker
0 like 0 dislike
0 replies 491 views
posted in Articles by AmazingKitty
0 like 0 dislike
0 replies 554 views
posted in Articles by Amigod

55,458 topics

594 replies

3 comments

1,623,835 users

Connect with us:
...