Purchase Solution

What is the Importance of the Mission of the FASB?

Not what you're looking for?

Ask Custom Question

What is the importance of the mission of the FASB?

297 words

Purchase this Solution
Solution Summary

Discussion is in everyday language suitable for novice to intermediate. Includes comments about IASB.

Solution Preview

The FASB's mission (from their site www.fasb.org) is:

The Mission of the Financial Accounting Standards Board

"The mission of the FASB 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. That mission is accomplished through a comprehensive and independent process that encourages broad participation, ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
Recent Feedback
  • "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
  • "Thank, this is more clear to me now."
  • "Awesome job! "
  • "ty"
  • "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

View More Free Quizzes
Related BrainMass Solutions

  • The goal of the Financial Accounting Standards Board.

    What is the importance related to the mission of the Financial Accounting Standards Board?

  • The Importance of Generallly Accepted Accounting Principles

    The mission of the Financial Accounting Standards Board (FASB) by its own definition is described as being "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors

  • Generally Accepted Accounting Principles

    The mission of the Financial Accounting Standards Board (FASB) by its own definition is described as being "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors

  • Importance of Financial Reporting Standards: FASB

    376361 Importance of FASB standards for Financial Reporting. Why is it important that the FASB sets standards for financial reporting? Why is it important that the financial reports are done in a way that are useful to the users?

  • Mission of the Financial Accounting Service Board

    According to the Financial Accounting Service Board, the stated mission of the organization is to "establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users

  • Go to the Financial Accounting Standards Board's web site.

    Can you get a copy of the full text of a GASB statement from this site? If not, how would you obtain a copy of GASB statement no. 34? What is the cost to purchase a statement? 1. Go to the FASB website at www.fasb.org.

  • Could FASB could stand alone without other organizations?

    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.

  • Purpose of FASB

    The stated purpose (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 (FASB, 2007)".

  • Accounting: What is GAAP and FASB?

    Also included is a detail explanation of what elements comprise the Financial Accounting Standards Board (FASB), what their mission is, and the three major types of pronouncements they issue.

View More Related Solutions