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Essay / Research Paper Abstract
This 3 page paper examines the role and position of the Financial Accounting Standards Board, from where it gets its authority, its mission statement, accountability, structure and standard-setting procedures, as well as identification of some recent issues under consideration. The bibliography cites 1 source.
Page Count:
3 pages (~225 words per page)
File: TS14_TEFASB01.rtf
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Unformatted sample text from the term paper:
standards for financial reports by nongovernmental organizations. The Securities and Exchange Commission recognizes the authority of the standards set by the FASB, under Financial Reporting Release No.1, section 101, which
was reaffirmed in the policy statement April 2003. The organization and its authority to set standards are also recognized by the American Institute of Certified Public Accountants. The authority to
set standards is granted to the Securities and Exchange Commission by legislation, under the 1934 Securities Exchange Act, a function which the SEC has always had to rely on the
private sector to provide (FASB, 2010). It is notable the private sector is been able to fulfil this as reliable financial accounting is in the interest of the private sector
as well as the public interest (FASB, 2010). The FASB mission is to "establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that
provides decision-useful information to investors and other users of financial reports" (FASB, 2010). This is a broad mission that is undertaken for a comprehensive process, which incorporates review of existing
standards as well as emerging issues, participation from industry professionals and an assessment from a stakeholder perspective undertaken in an objective manner. The way that these processes take place is
overseen by the Financial Accounting Foundations Board of Trustees (FASB, 2010). The FASB is part of a larger independent structure; which includes a number of other independent organizations, which have
no ties to businesses, including the Financial Accounting Standards Advisory Council (FASB), Government Accounting Standards Board and the Government Accounting Standards Advisory Council (GASAC) (FASB, 2010). Responsibility for the
FASB, resides with the financial accounting foundation, which has the primary task of protecting the way that standards are created, appointing members to the board as well as ensuring that
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