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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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Briefly describe the process followed by the FASB for issuing an Accounting Standard Update.

To determine

Briefly explain the process followed by the FASB for issuing an Accounting Standard Update.

Explanation

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

The process followed by the FASB for issuing an Accounting Standard Update

  1. Identifies topic A topic or subject is recognized and sited on FASB’s agenda.
  2. Appoints task force To recommend and look up with the technical staffs of FASB.
  3. Conducts research To conduct research specifically on a subject.
  4. Issues Discussion Memorandum or Invitation to Comment Invites the interested users to give opinions and views related to the subject...

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