A formal document issued by the Financial Accounting Standards Board (FASB), which details accounting standards and guidance on selected accounting policies set out by the FASB. These statements of financial accounting standards are issued, with the expectation that all reporting companies listed on American stock exchanges will adhere to them. The standards are created to ensure a higher level of corporate transparency.
Investopedia Says: New SFAS releases can have a huge affect on a business' bottom line. For example, the FAS-123(R), which refers to the expensing of share-based awards, can increase a company's expenses dramatically, often by billions of dollars. FAS-123(R) was created to enable investors and regulators to better evaluate the firm's true option expenses.
Financial Accounting Standards Board - http://www.answers.com/topic/financial-accounting-standards-board
The three ...
MS Word Document - description of the process by which standards are set and how this might affect the Statement of Financial Accounting Standards regarding revenue recognition. 3 Pages