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 ?
Three recent Financial Accounting Standards Board statements fundamentally change the way not-for-profit organizations (NPOs) prepare external financial statements.
Identifying provisions in Financial Accounting Standards Board Statements and Interpretations, Accounting Principles Board Opinions, and Accounting Research Bulletins of the AICPA, issued on or before November 30, 1989, that do not conflict with or contradict GASB pronouncements, for possible codification into the GASB literature.
The Company has reviewed applicable Financial Accounting Standards Board Statements and Emerging Issue Task Force Statements (EITFs) including EITF 00-19, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stocks.

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