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Part I: Know the FASB
I. As discussed many times in ACC 310, the FASB is the current accounting standard setters in the U.S. as they are empowered by the SEC. Visit the FASB website at www.fasb.org and answer the following questions: (Do not cut and paste but answer in your own words. Any material quoted should be cited).

1. What is the FASB mission? 1pts

The FASB mission is to establish and improve financial accounting standards and reporting. This sets the guidance for nongovernmental entities that provide decision-useful information to users. Users include issuers, auditors, and other users of financial information.

2. Who are the current FASB Board members and what are their backgrounds? 2pts
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I was surprised to see that you can register to observe a meeting, or register to participate in meetings. Each meeting is posted on-line afterwards via webcast or an audio recording. Also, there are postgrad and fellowship opportunities at FASB. I didn’t realize what a business entity FASB is itself. They have many staff members.

Part II: FASB Codification and doing Research
US GAAP is composed of a mixture of over 2,000 documents that have developed over the last 60 years or so. The illustration below highlights the many different types of documents that comprise U.S. GAAP.
The documents that comprise GAAP vary in format, completeness, and structure. As a result, financial statement preparers sometimes are not sure whether they have the right GAAP; determining what is authoritative and what is not becomes difficult. In response to these concerns, the FASB developed the Financial Accounting Standards Board Accounting Standards Codification. The FASB’s primary goal in developing the Codification is to provide in one place all the authoritative literature related to a particular topic. Professional accountants pay for access to the FASB. The OU Accounting Department has paid for academic access to the FASB Codification. Our Login information is: • Log in at http://aaahq.org/ascLogin.cfm • Students:

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