Explore BrainMass

Explore BrainMass

    The Role of The Financial Accounting Standards Board

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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.

    © BrainMass Inc. brainmass.com March 5, 2021, 1:26 am ad1c9bdddf

    Solution Preview

    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 ...

    Solution Summary

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