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ACC201 Principles of Financial Accounting ? Week 2 Accounting Essay




FASB 1;Financial Accounting Standards Board (FASB);????-;ACC201: Principles of Financial Accounting;??????;????????-;FASB 2;The Financial Accounting Standards Board also known as FASB is independent of other businesses and organizations and works in collaboration with the Financial Accounting Foundation (Foundation), the Financial Accounting Standards Advisory Council (FASAC), the Governmental Accounting Standards Board (GASB), and the Governmental Accounting Standards Advisory Council (GASAC) (, 2010). Both the FASAC and GASAC councils act as advisors for the Financial Accounting Standards Board, the FASAC and the GASAC advise on projects, agendas, technical issues, and procedures(, 2010). The FASB has more than 60 members, five of which are full time and are closely monitored through policies that determine their financial investing and personal activities to avoid potential conflicts of interests within the board. The Financial Accounting Standards Board sets out to improve financial accounting standards, they make sure that generally accepted accounting


Paper#20540 | Written in 18-Jul-2015

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