The Financial Accounting Standard Board Essay by writingsensation

The Financial Accounting Standard Board
A discussion of the history and purpose of the Financial Accounting Standard Board.
# 75171 | 1,416 words | 5 sources | MLA | 2006 | US
Published on Dec 04, 2006 in Accounting (Financial) , Economics (Public Finance)


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Description:

This paper gives a background of the purpose and history of the Financial Accounting Standard Board, or the FASB. The FASB was founded with the primary goal of devising the Generally Accepted Accounting Principles in United States. The paper also defines the roles of the various organizations that fall under the umbrella of the FASB, such as the SEC and the PCAOB. The paper focuses additionally of the role of ethics in accounting, especially in relation to the Standards creating by the FASB.

Explain the FASB, SEC and PCAOB
Discuss the Relationship among the FASB, SEC, and PCAOB
Explain Basic Accounting Theories, Assumptions, and Principles
Evaluate the Role of Ethics in Accounting

From the Paper:

"To cater to the basic objectives the financial statement is required to be relevant, to be reliable, being comparable as well as being consistent. So as to accomplish its basic objectives the GAAP is required to base on four hypotheses such as Economic Entity Assumption-that assumes the isolation of business from its owners or other businesses; Going Concern Assumption-that assumes the long term operation of business; Monetary Unit Assumption that assumes a stable currency as the unit of record; Periodicity Assumption that assumes the periodical record-ability of the business operations enabling comparison between present and past performances. "

Cite this Essay:

APA Format

The Financial Accounting Standard Board (2006, December 04) Retrieved June 26, 2019, from https://www.academon.com/essay/the-financial-accounting-standard-board-75171/

MLA Format

"The Financial Accounting Standard Board" 04 December 2006. Web. 26 June. 2019. <https://www.academon.com/essay/the-financial-accounting-standard-board-75171/>

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