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FASB and ASC Guidelines

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In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?

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Solution Summary

FASB and ASC Guidelines for accounting standards are examined.

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The focus of management should always be to maximize the profits of the firm. However, this should not be done by deliberately disregarding accounting principles. The duties of the Financial Accounting Standards Board and the Accounting Standards Committee include developing standards for financial reporting and accounting, recording these standards and communicating them ...

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