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Week 2 Accounting Essay

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

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FASB 1 Financial Accounting Standards Board (FASB) Corriene Power ACC201: Principles of Financial Accounting Mrs. Regina Ivory December 20, 2010
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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.
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