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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is the role of the FASB in financial reporting?

To determine

Explain the role of FASB in financial reporting.

Explanation

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

The FASB is responsible for recognizing the financial accounting issues, conducting research to address issues, and resolve them by issuing new accounting standards applicable to U...

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