ACC 305 Week 5 Final Paper (FASB)

Apr 28th, 2015
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ACC 305 Week 5 Final Paper (FASB)

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Final Project Paper NameACC 305: INTERMEDIATE ACCOUNTING I (BBE0941A)Professor In 1973, the Financial Accounting Standards Board (FASB) was created and their mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. (FASB.org, 2009a). The FASB is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. Therefore, the FASB plays a vital and important role in protecting the financial well being and the overall stability of our economy.The Financial Accounting Foundation (FAF), organized in 1972, is the independent, private-sector organization with responsibility for the oversight, administration, and finances of the Financial Accounting Standards Board (FASB) (FAF, 2009). The five members of the FASB serve full time and are required to sever connections with the firms or institutions they served prior to joining the Board. While collectively they represent diverse backgrounds, they also must possess knowledge of accounting, finance, and business, and a concern for the public interest in matters of financial accounting and reporting. Board members are appoint

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