ACCT_320Hinson4-5-2FASBResearchPresentation

ACCT_320Hinson4-5-2FASBResearchPresentation - FASB:...

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FASB: Relevance and Reliability ACCT 320 Assignment 4-5-2 Jamie Hinson October 22, 2008
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FASB OVERVIEW The FASB, Financial Accounting Standards Board has been in effect since 1973. The organization was designed in the private sector in order to establish standards for financial accounting and reporting. These standards are recognized and authorized by the SEC (Securities and Exchange Commission).
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FASB MISSION 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
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ACCT_320Hinson4-5-2FASBResearchPresentation - FASB:...

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