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    FASB

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    Briefly discribe the following

    The FASB ASC is now the sole authoritative source of all U.S. GAAP.

    a. What are the major goals of the FASB ASC?
    b. How is the FASB ASC expected to improve the practice of accounting?
    c. What literature is now contained in the FASB ASC?
    d. What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?

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    Solution Preview

    The FASB ASC is now the sole authoritative source of all U.S. GAAP.

    a. What are the major goals of the FASB ASC?
    The major goals of FASB ASC are to simplify user access to all authoritative US GAAP by placing all material related to one subject in one place. Another goal of FASB ASC is to streamline and gather in one place all US accounting pronouncements developed by several standard setters. The FASB had taken up the task of integrating all accounting pronouncements and integrated them topic wise issued by the standard setters including those by FASB, the EITF, and the AICPA. The major goal is simplification and ease of access. The goal is to ensure that only one level of GAAP has authority. The other pronouncements will become non ...

    Solution Summary

    FASB is discussed very comprehensively in this explanation..

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