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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
What is the role of the FASB in financial reporting?
Explain the role of FASB in financial reporting.
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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