FASB


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FASB

See: Financial Accounting Standards Board

Financial Accounting Standards Board

In the United States, a non-governmental body the SEC has charged with establishing and maintaining generally accepted standards for professional accountants. Founded in 1973, the FASB has published a variety of rules and clarifications on how accounting ought to be done in the United States. It is important to note that the FASB does not govern accounting ethics; rather, its purpose to govern the fundamentals of how accounting is conducted. For example, it has published guidelines on how to report a company's cash flows. The Financial Accounting Foundation oversees the FASB.

FASB

See Financial Accounting Standards Board.

Financial Accounting Standards Board (FASB).

The Financial Accounting Standards Board (FASB) is an independent, self-regulatory board that establishes and interprets generally accepted accounting principles (GAAP).

It operates under the principle that the economy and the financial services industry work smoothly when credible, concise, and clear financial information is available.

FASB periodically revises its rules to make sure corporations are following its principles. The corporations are supposed to fully account for different kinds of income, avoid shifting income from one period to another, and properly categorize their income.

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In place of pooling, the FASB recommended mandatory use of the purchase method, which, unlike pooling, requires companies to account for goodwill when they report on acquisitions.
Special report: the battle over pooling of interests
While the change in funding may relieve FASB of implicit pressures, Balhoff says, it may also orient the board more toward standards for public companies, to the detriment of the rest.
Differential problems & possibilities accounting: the concept of big and little GAAP has been discussed for more than 20 years. Now, on the brink of international convergence, many argue its time has finally come
The FASB and International Accounting Standards Board (IASB) have reached differing conclusions on certain issues.
FEI CEO's 2007 Top 10 Financial Reporting Challenges
In developing high-quality accounting standards, standard setters may opt for either FASB or IASB guidance.
Convergence: in search of the best: CPAs should understand how U.S. and foreign accounting standards influence each other
Although the FASB does not believe that tax opinions are required or appropriate in all instances, it noted that an unqualified "should prevail" tax opinion from a qualified expert, for which all conditions are objectively verifiable, may help to demonstrate that the probable threshold has been met.
FASB exposure draft on uncertain tax positions
What FASB wants, and what makes sense, is for CEOs to accept that it is the standards-setting body, and to engage with them on issues that will hit companies' bottom lines, such as the treatment of variable interest entities.
CEOs and the future of GAAP
Copies of Statement 123(R) are available by calling the FASB Order Department at 800/748-0659 or by placing an order online.
FASB publishes revised Statement No. 123, Statement No. 153
FASB also is working with the EITF, AICPA and SEC to more clearly define their roles in selling accounting standards, including streamlining certain activities and modernizing financial reporting and disclosure.
FASB takes a cue from the simplicity movement. (FASB News)
Accordingly, FASB has undertaken major initiatives to integrate and codify the massive volume of all current non-governmental accounting pronouncements into a single source, stem the proliferation of accounting pronouncements emanating from multiple sources, and develop standards in a more principles-based manner.
Financial Accounting Foundation Reappoints Robert H. Herz as Chairman of Financial Accounting Standards Board
25, 2006, FASB issued an FASB Exposure Draft, The Fair Value Option for Financial Assets and Financial Liabilities, for Phase 1.
Ask FERF about ...... fair value
According to proposed FSP Financial Accounting Statement (FAS) 109-a, the manufacturing deduction should be accounted for as a special deduction under the rules of FASB Statement No.
FASB proposed guidance on the AJCA
FASB Issues Accounting Standard to Improve Disclosures about Pension and Other Postretirement Benefit Plans; Publishes Revised Interpretation to Clarify and Expand on Accounting Guidance for Variable Interest Entities
FASB issues exposure drafts to improve accounting guidance, support convergence of global accounting standards

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