Fasb

aIt is primarily believed that principals-based history provides a conceptual basis for accountants to nonice instead of using a detailed list of rules. The financial score Standards Board (FASB) is a private, not-for-profit transcription whose primary usance is to develop generally accepted accounting principles (GAAP) within the join States in the publics interest. The Securities and flip Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973, replacing the Committee on invoice Procedure (CAP) and the Accounting Principles Board (APB) of the American Institute of Certified humanity Accountants (AICPA) WICKAPEDIAThe FASB is not a governmental body. The SEC has legal authority to fall in financial accounting and reporting standards for publicly held companies under the Securities Exchange Act of 1934. Throughout its history, however, Commission policy has been to rely on the private sphere of influence for this function to the extent that the private sector demonstrates ability to fulfill the responsibility in the public interest.The FASB is fate of a structure that is independent of all other business and professional organizations.

Before the present structure was created, financial accounting and reporting standards were established first by the Committee on Accounting Procedure of the American Institute of Certified Public Accountants (19361959) and then by the Accounting Principles Board, also a classify of the AICPA (195973). Pronouncements of those predecessor bodies remain in force unless amended or superseded by the FASB.The FASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the FASB and the Governmental Accounting Standards Board and funds twain organizations. The Board of Trustees of the FAF, in turn, is selected in part by a group of organizations including: *... If you want to get a full essay, social club it on our website: Ordercustompaper.com

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