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Could FASB could stand alone without other organizations?

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Do you think that the FASB could stand alone without the help of other organizations?

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Solution Summary

In 267 words, the solution explains the functions of the FASB and what would be lacking if the FASB stood alone.

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No, the FASB could not stand alone in the accounting world for reasons listed below.

First, the mission of the FASB:
"The mission of the FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. Accounting standards are essential to the efficient functioning of the economy because decisions about the ...

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