"Financial Accounting Standards Board"

Theresa M. Odom

ACC 305

Instructor Ruqayyah Archie

December 15, 2013

Financial Accounting Standards Board

"In 1973, the Foundation established the FASB to establish and improve standards of financial accounting and reporting for nongovernmental entities. Consistent with that mission, the FASB maintains the FASB Accounting Standards CodificationTM(Accounting Standards Codification) which represents the source of authoritative standards of accounting and reporting, other than those issued by the SEC, recognized by the FASB to be applied by nongovernmental entities" (FASB website). The FASB has been the designated organization in the private sector for establishing such standards, as well as monitoring and controlling business reporting and...