The Importance of the Financial Accounting Standards Board (Essay Sample)

The Importance of the Financial Accounting Standards Board
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The Importance of the Financial Accounting Standards Board
Established in 1973, the Financial Accounting Standards Board (FASB) aims to "establish and improve standards of financial reporting" ADDIN Mendeley Citation{4cddf9be-361d-403a-af33-4877eee72916} CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "URL" : "/facts/", "accessed" : { "date-parts" : [ [ "2011", "11", "21" ] ] }, "author" : [ { "family" : "Financial Accounting Standards Board", "given" : "" } ], "container-title" : "About FASB", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2011" ] ] }, "title" : "Facts about FASB", "type" : "webpage" }, "uris" : [ "/documents/?uuid=4cddf9be-361d-403a-af33-4877eee72916" ] } ], "mendeley" : { "previouslyFormattedCitation" : "(Financial Accounting Standards Board, 2011a)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" } (Financial Accounting Standards Board, 2011a). Its established standards used by non-governmental entities to prepare their financial reports. These standards are recognized but the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA). Through codification standards allows the government to create economic decisions which are based on "credible, concise and understandable information" ADDIN Mendeley Citation{4cddf9be-361d-403a-af33-4877eee72916} CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "URL" : "/facts/", "accessed" : { "date-parts" : [ [ "2011", "11", "21" ] ] }, "author" : [ { "family" : "Financial Accounting Standards Board", "given" : "" } ], "container-title" : "About FASB", "id" : "ITEM-1", "issued" : { "date-parts" : [ [...