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The Role of The Financial Accounting Standards Board

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Explore the role and impact of the organization on business entities, the accounting profession and our economy
This not an essay, just a discussion. I have no much knowledge on the topic and want to get smart on it prior to discussion.

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The Financial Accounting Standards Board (FASB) establishes standards of financial accounting that govern how non-governmental entities prepare their financial reports. Because the Securities and Exchange Commission recognizes these standards as an authority for publicly-traded corporations to prepare their financial statements and the American Institute of Certified Public Accountants (AICPA) considers them an authority for all other non-governmental entities to prepare their statements, FASB standards impact the financial reporting of virtually every non-governmental entity (FASB, n.d.). The AICPA has established FASB standards as "generally accepted accounting principles" and its Code of ...

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This solution discusses the role and impact of the Financial Accounting Standards Board on business entities, the accounting profession, and our economy.