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Intermediate Accounting: Reporting...
Solutions
Intermediate Accounting: Reporting...
What do the FASB’s Concepts Statements establish?
Explain what the FASB’s concept statements aim to establish.
Financial Accounting Standards Board (FASB): FASB is an independent board of 7 members, who are accounting professionals overseeing the creation of the financial statements. FASB standards are usually known as GAAP.
The FASB’s concept statements aim to establish:
- Fundamental accounting principles.
- The objectives of the financial reporting...
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