![]() ![]() More information on the FASB can be found here. Investors, lenders, and other users of financial information rely on financial reporting based on GAAP to make decisions about how and where to provide financing, and to help financial markets operate as efficiently as possible. The FASB establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations. The FASB’s standards are recognized as authoritative by many other organizations, including State Boards of Accountancy and the American Institute of CPAs (Rule 203, Rules of Professional Conduct, as amended May 1973 and May 1979). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. The FASB and the GASB are responsible for ensuring that GAAP remains the high-quality benchmark of financial reporting so that investors, lenders, capital providers, and other users have access to the information they need to make sound decisions. The GASB establishes accounting and financial reporting standards for U.S.The FASB establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations.The Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Disclosures both supplement and explain amounts in the statements. Disclosure-what specific information is most important to the users of the financial statements. ![]()
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