What is the process the FASB uses to create a new accounting standard?
The standard setting process is a comprehensive process that is set in place to govern the way that standards are distributed and regulated for financial reporting purposes. The 8 key steps that the FASB follows are detailed below:
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What are the responsibilities of the Financial Accounting Standards Board (FASB)?
The Financial Accounting Standards Board (FASB) was established in 1973 and has since determined GAAP. The FASB is a private-sector body that establishes GAAP for businesses within the United States. This principles and accounting standards that are set forth by the FASB should be deemed unbiased or in favor of any specific industry and should […]
What are the main professional standard setting bodies for accounting and financial statements?
If the entity is for profit or a non-for-profit, then the Financial Accounting Standards Board (FASB) determines the rules. If the entity is governmental, then the Government Accounting Standards Board (GASB) determines the rules.