How are topics added to the FASB technical agenda

Assignment Help Accounting Basics

Reference no: EM131828510

Question: The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a "Statement of Financial Accounting Standards," which represents an authoritative expression of generally accepted accounting principles.

Instructions: Answer the following questions.

(a) What is the mission of the FASB?

(b) How are topics added to the FASB technical agenda? (Hint: See Project Plans in Our Rules of Procedure.)

(c) What characteristics make the FASB's procedures an "open" decision-making process? (Hint: See Due Process in Our Rules of Procedure.)

Reference no: EM131828510

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