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