Fasb Paper Acc 201

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FASB Paper Ashford University ACC 201 Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a non-profit organization that is maintained by the SEC (Securities and Exchange Commission), and the (FAF) Financial Accounting Foundation. FASB also works with the International Accounting Standards Board to make sure that U.S. financial statement and documents can be used in the global markets without sacrificing any of their principles or standards. The Financial Accounting Standards Board is an organization that started in 1973. This organization was designed for establishing standards of financial accounting that control the preparation of financial reports by nongovernmental entities. The standards of FASB are important to the functioning of the economy because decisions about the distribution of resources rely on credible, concise, and understandable financial information. FASB’s mission is to establish and improve the standards of financial accounting and reporting. They provide information to investors and other holders of various financial reports. To accomplish their mission they follow a process that encourages full participation, views of stakeholders, and oversight provided by the Financial Accounting Foundation’s Board of Trustees. The FASB stays organized by the help of seven full time members, the board members and staff each have a concern for the investors, users, and the public interest in matters of financial accounting and reporting. Another way they stay organized is by implementing their standard setting process and procedure effectively. The Securities and Exchange Commission (SEC) grants the authority of FASB to issue accounting standards for public companies in the U.S. The most recent accounting issue that FASB is taking into consideration is issue no. 12-G, “ Accounting for the
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