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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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The FASB is organized to establish generally accepted accounting principles. It is assisted by various groups and operates under a set of procedures.

Required:

Prepare a short written report that summarizes the structure, operating procedures, and pronouncements of the FASB.

To determine

Prepare a brief report enumerating the structure, operating procedures and pronouncements of FASB.

Explanation

FASB stands for Financial Accounting Standard Board that has developed the GAAP (Generally Accepted Accounting Principles).

The parent organization of FASB is FAF (Financial Accounting Foundation). It is governed by a board of trustees, comprises of 14 to 18 members appointed from representatives of eight organizations, like AICPA, Institute of Management Accountants, CFA Institute, Government Finance Officers Association, National Association of State Auditors, Comptrollers, and treasurers, Securities Industry and Financial Markets Association, American Accounting Association and Financial Executives Institutes. The FAF provides oversight into the operations of  Accounting Standards Advisory Council and FASB and appoint their members as well. The FASAC with 33 members advises FASB for the major policy issues, priority of the tasks, selection of task forces and more.

FASB consists of seven full time, fully paid members from a wide cross sections of interest having no other organization ties. Each of the members must have knowledge and experience in accounting, finance, investing, business and in accounting education and research. They must be of high intelligence, integrity and good discipline with an aptitude towards public interest in the field of financial accounting, investing and reporting. The primary responsibility of FASB includes identifying the financial accounting issues, research into it and resolve them. The research and technical staff of FASB performs researching for the issues, communicating with the parties and drafting the research findings...

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