Week 2 Accounting Essay

Week 2 Accounting Essay - FASB 1 Financial Accounting...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
FASB 1 Financial Accounting Standards Board (FASB) Corriene Power ACC201: Principles of Financial Accounting Mrs. Regina Ivory December 20, 2010
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
FASB 2 The Financial Accounting Standards Board also known as FASB is independent of other businesses and organizations and works in collaboration with the Financial Accounting Foundation (Foundation), the Financial Accounting Standards Advisory Council (FASAC), the Governmental Accounting Standards Board (GASB), and the Governmental Accounting Standards Advisory Council (GASAC) (FASB.org, 2010). Both the FASAC and GASAC councils act as advisors for the Financial Accounting Standards Board , the FASAC and the GASAC advise on projects, agendas, technical issues, and procedures(FASB.org, 2010) . The FASB has more than 60 members, five of which are full time and are closely monitored through policies that determine their financial investing and personal activities to avoid potential conflicts of interests within the board. The Financial Accounting Standards Board sets out to improve financial accounting standards, they make sure that generally accepted accounting principles are used, and stockholders’ views and rights are objectively considered and met. The Financial accounting Standards Board meets regularly with intentions to research and act on new accounting issues to ensure future high standards of financial reporting. The mission of the Financial Accounting Standards Board is to establish standards
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

Week 2 Accounting Essay - FASB 1 Financial Accounting...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online