Purchase Solution

Mission of the Financial Accounting Service Board

Not what you're looking for?

Ask Custom Question

This file contains a formatted MS Word file containing a descritption of the mission, policies, and procedures of the financial accounting service board. As well as answering the question: should the FASB reduce the financial accounting choices available for management to select from when setting accounting policies?

Purchase this Solution
Solution Summary

This file contains a formatted MS Word file containing a descritption of the mission, policies, and procedures of the financial accounting service board.

Solution Preview

For your convenience, I have attached a formatted MS Word file containing the text below.

Accounting Theory

Should the FASB reduce the financial accounting choices available for management to select from when setting accounting policies?

No, the Financial Accounting Service Board should not reduce the financial accounting choices available for management to select from, as allowing the FASB the ability to take such actions might quite possibly elevate the FASB to a position where it might arbitrarily establish standards that are neither in the best interest of the issuers, nor the users of financial information.

For example, the choice of inventory methods for U.S. companies "is assumed to reflect the tax savings choice made by the ...

Purchase this Solution
Free BrainMass Quizzes
Learning Lean

This quiz will help you understand the basic concepts of Lean.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

View More Free Quizzes
Related BrainMass Solutions

  • The goal of the Financial Accounting Standards Board.

    The Mission of the Financial Accounting Standards Board which is to create and What is the importance related to the mission of the Financial Accounting Standards Board?

  • The GASB, its Structure, and its Mission

    "The mission of the GASB is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers

  • Global Envrionment

    Financial Accounting Standards Board: This is what the website http://www.fasb.org/ says: "The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting and reporting for the guidance and education

  • What is the Importance of the Mission of the FASB?

    297 words 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

  • Government bodies: financial reporting parameters

    The mission of the Governmental Accounting Standards Board is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate

  • Strategic Planning and Marketing Questions

    The mission of the Secret Service is to protect the life of the President.

  • Purpose of FASB

    133066 Purpose of the Financial Accounting Service Board (FASB) Do you feel that FASB and GAAP are responsible for preventing fraudulent financial statements?

  • Analyze the relationship between GASB and FASB

    The Mission of the Financial Accounting Standards Board The FASB Mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information

  • Accounting: Ethics and Responsibilities

    Explain the duties of board members. There are ten basic board member responsibilities: 1. Determine the organization's mission and purpose and review these on an annual basis.

View More Related Solutions