ACC 305 Week 1 DQ 1 FASB and Ethics

May 1st, 2015
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ACC 305 Week 1 DQ 1 FASB and Ethics

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Research Case 1-3 (page 45)The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).Required:Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions. 1.Describe the mission of the FASB. 2.Who are the current Board members? Briefly describe their backgrounds.3. How are topics added to the FASBs technical agenda?Research Case 1-3Requirement 1The mission of the Financial Accounting Standards Board 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. Requirement 2Board members are appointed for five-year terms and are eligible for reappointment to one additional five-year term. Expiration dates (on June 30) of current terms are indicated.Leslie F. Seidman, Chairman, 2013Daryl E. Buck2015Russell G. Golden 2012Thomas J. Linsmeier 2016R. Harold Schroeder 2015Marc A. Siegel 2013Lawrence W. Smith2012 Requirement 3The FASB receives many requests for action on various financial acc

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