GASB VS FASB - GASB VS FASB 1 GASB VS FASB Samantha Bradley...

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GASB VS FASB 1 GASB VS FASB Samantha Bradley Governments and Non-Profit Accounting ACC/460 Linda Gandy February 08, 2011 FASB
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GASB VS FASB 2 The mission of the FASB is to set up and progress standards of financial accounting and reporting that looks after financial reporting by nongovernmental entities that provides useful information to investors and other users of financial reports. There are seven full-time members of the FASB that are appointed by the Foundation’s Board of Trustees and may serve up to two five-year terms. The FASB sets out to progress corporate accounting practices by developing guidelines set out for accounting reports, recognizing and resolving discrepancies in a sensible manner and creating a uniform standard across the financial markets. “Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental entities” (http://www.fasb.org/facts/index.shtml#mission).
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This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.

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GASB VS FASB - GASB VS FASB 1 GASB VS FASB Samantha Bradley...

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