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In: Accounting

The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).

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. The FASB has how many board members? 

2. How many board members of the FASB have a background that is primarily drawn from accounting education? 

3. Describe the mission of the FASB. 

4. How are topics added to the FASB’s technical agenda?

Solutions

Expert Solution

1.

The answer is 7

 

Explanation:

The FASB has 7 Full time board members.

 

2.

The answer is 4

 

Explanation:

Minimum 4 board members of FASB have a background that is primarily drawn from accounting education.

 

3.

The mission of FASB is to

(1) Establish financial accounting and reporting standards.

(2) Improving the establishes financial accounting and reporting standards.

(3) To furnish the material information to the investors, shareholders and users of financial reports.

 

4.

The FASB receives a new topics from various sources.

The new topics of agenda are inspected by board at least twice in a year.

The FASB is always ready on new trends of financial reporting through inspection of published reports.

* The FASB board members and staffs receive several technical inquiry through telephone or letters on recommendation of the emerging issues.

 * They provide clear evidence on the emerging issues and also provides information regarding changes occur in financial reporting.

1.

The answer is 7

 

Explanation:

The FASB has 7 Full time board members.

Junaid answered 2 years ago
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