Inside the FASB – How Financial Accounting Standards Are DevelopedCode: 27-INFASB

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Course Details

Pages: 62
Chapter Overview
This chapter introduces the FASB, its mission, and organizational structure. It
explains the roles of board members and the various advisory groups that provide
input during the standard-setting process. The chapter highlights how these groups
work together to ensure that the standards reflect diverse stakeholder perspectives
and address the needs of financial statement users.

Learning Objectives
Upon completion of this chapter, you will be able to:
  •  Identify the mission and organizational structure of the FASB
  •  Recognize the roles of board members and advisory groups in the standardsetting process
  •  Differentiate among the key advisory groups and their influence on financial reporting standards
  • Determine how stakeholder perspectives are incorporated through these groups
Category: Accounting

Recommended CPE Hours: 4

Level of knowledge: Overview

Prerequisite: General understanding of GAAP

Advanced Preparation: None
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