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Financial Accounting Standard Board Website

From the Financial Accounting Standard Board Website could you tell what...

(1)The points pertaining to the influence of economic consequences on the shaping of the accounting standards

(2)The objectives of the FASB initiatives

(3)The sources that the FASB project addresses

(4)The decisions reached at the board meeting on August 24, 2005 concerning the Hierarchy of U.S. Generally Accepted Accounting Principles (GAAP)

(5)The current categories of U.S. GAAP hierarchy for Nongovernmental Entities as provided in SAS-69

(6)The proposed U.S. GAAP Hierarchy for nongovernmental entities

(7)The sources of U.S. GAAP to be provided by the proposed project

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Financial Accounting
FROM THE Financial Accounting Standard Board WEBSITE COULD YOU TELL WHAT?

(1)The points pertaining to the influence of economic consequences on the shaping of the accounting standards
The FASB is involved in setting up accounting standards, however, it does not go out of its way to show the current accounting results as either glowing or otherwise. Each FASB has economic consequences. FASB's are designed to report objectively and not to present the figures in a favorable manner or otherwise.
In the context of economic consequences the stand of the FASB is that the accounting standards are designed to measure and report faithfully the economic events and transaction that have taken place. FASBs are not designed to change the realty or to warp reality in fear of or in favor of economic consequences. For example, it is possible that the effect of some FASB will encourage investment in some area or the effect of another FASB may discourage investment in some other area. These are economic consequences but these are not the purpose of the FASBs.
In the context of SAS 69, the objective of FASB is to minimize the economic impact of the proposed changes in SAS 69.

(2)The objectives of the FASB initiatives:
This material is taken direct from http://www.fasb.org" Project Objectives
The Board identified a number of initiatives aimed at improving the quality and transparency of standards and the standard-setting process in FASB Response to SEC Study on the Adoption of a Principles-Based Accounting System. In that ...

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