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Business

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Issue:

Business

 

Written by:

Nathan S

 

Date added:

August 10, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 682

 

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6700 times

 

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Essay content:

Financial information about the operations and financial position of individual entities also is used by the public in making various other kinds of decisions. To accomplish its mission, the FASB acts to: • Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability and on the qualities of comparability and constancy; • Keep standards current to reflect changes in methods of doing business and changes in the economic environment; • Consider promptly any significant areas of deficiency in financial reporting that might be improved through the standard-setting process; • Promote the international convergence of accounting standards concurrent with improving the quality of financial reporting; and • Improve the common understanding of the nature and purposes of information contained in financial reports...
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Financial Accounting Standards Advisory Council An Overview The Financial Accounting Standards Advisory Council, FASAC or “the Council” for short, was formed in 1973 concurrent with the establishment of the Financial Accounting Standards Board (the FASB or the Board). The primary function of FASAC is to advise the Board on issues related to projects on the Board’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the chairman of the FASB...
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General issues of this essay:
Accounting Standards Accounting Standards Accounting standards discuss the role of the financial accounting and managerial accounting functions in organizations History and development of accounting standards How would International Financial Reporting Standards affect the quality of Canadian accounting information? harmonization of accounting standards THE NEW ACCOUNTING STANDARDS IMPLEMENTATION IN AUSTRALIA The Process towards Global Accounting Standards Universal Accounting Standards uk and us accounting standards Accounting standards Financial Accounting Overview International Accounting Standards Board Accounting And Reporting Standards For The Federal Government
 

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