FASB
Not what you're looking for?
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?
Purchase this Solution
Solution Summary
FASB is discussed very comprehensively in this explanation..
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 ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
Recent Feedback
- "I read your comments, and thank you for this feedback. Do I need to find other studies that applied this methodology Ive used? That's where I'm stuck at."
- "Thank you kindly sir. "
- "Excellent and well explained. --Thank you kindly. "
- "Awesome notes. I appreciate you."
- "I have the follow-up project and I will assign that to you very soon. "
Purchase this Solution
Free BrainMass Quizzes
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.