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Explain the role of Financial Accounting Standards Board (FASB) ?

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تاريخ النشر: 2014/08/25
Menerva Melad
من قبل Menerva Melad , Account Executive, Key Accounts , Graphic Home Company

Financial Statements

The goal of financial accounting standards is to help stakeholders make informed investment decisions based on honest financial statements. The standards are designed to promote transparency in financial reporting. When information is transparent, it is visible and understandable to the public. This enables potential investors and creditors to make accurate evaluations of the businesses' finances. Accounting standards also help the board of directors to assess management's effectiveness. Financial statements identify areas that need improvement and enable the boards to take early corrective actions.

Abdul Wahab Mohamed Azmy
من قبل Abdul Wahab Mohamed Azmy , Chief Accountant , Bahrain Development Centre

FASB is the independent agency that establishes accounting principles and accounting procedures. The body of these procedures and principles is called "GAAP - Generally Accepted Accounting Principles."

FITAH MOHAMED
من قبل FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.

That mission is accomplished through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.

 

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