Discuss whether you think a government agency or a private body such as the FASB should...

Discuss whether you think a government agency or a private body such as the FASB should set accounting standards.

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Expert Solution

The reasons are :-

FASB STANDS FOR financial accounting standard board.

1. FASB is an independent non profit organisation responsible for establishing accounting and financial reporting standards for companies and non profit organisation, public cos, private cos.

2. FASB has the authority which interpret GAAP for private and public , etc above mentioned organisations. GAAP is the set of standards need to be follow by cos for perparation and presentation of financial statements. GAAP stands for generally accepted accounting principles.

3. FASB is the independent non profit organisation , which has many parts and groups i.e FAF , GASB , GASAC.

4. Such independent orgsnisation mission is to improve reporting standards and financial accounting. It helps investors for better understanding of financial reports of cos.

5. It is government body and independent and non profit organisation so unbaised results and motto is to serve the country but private bodies are established with an intention to earn in return. The promotors controls such private companies and they may st up standards for theie benefits, these cant be unbaised .

6. Therefore, Govt company i.e public organisation is more suitable one

ekkarill92 answered 1 year ago

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