FASB Statement

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FASB Statement

An official opinion by the Financial Accounting Standards Board on how to report a transaction. FASB statements set standards for the accounting industry and help establish uniform practice insofar as it is possible.

FASB Statement

A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting corporate financial information to stockholders, the SEC, and the general public. See also APB opinion.
References in periodicals archive ?
Although Warrantech had previously announced it was submitting this issue to the Financial Accounting Standards Board ("FASB"), Warrantech was informed by Ernst & Young that it would not adhere to the FASB opinion and would seek Securities and Exchange Commission (SEC) review if the FASB opinion did not confirm their view.