What is the importance of the mission of the FASB?
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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, ...
Discussion is in everyday language suitable for novice to intermediate. Includes comments about IASB.