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"Established in 1973, the Financial Accounting Standards Board (FASB) is the independent, private sector based in

Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for- profit organizations that follow Generally Accepted Accounting Principles (GAAP)." FASB website.

 

REQUIRED

 Critically discuss the role of the FASB in establishing financial reporting standards and the challenges and successes it has encountered in this regard. 

 

Additionally, select one financial reporting standard that you have covered in this course and discuss how it has assisted in promotion GAAP.

 

Your response must be between one and a half pages and must include all pertinent references. 

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