Purpose: The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a "Statement of Financial Accounting Standards," which represents an authoritative expression of generally accepted account-


ing principles.

Address: http://www.rutgers.edu/accounting/raw/fasb/home.htm Steps: Visit the homepage of the FASB.

\section*{Instructions}

Answer the following questions:

(a) What is the mission of the FASB?

(b) Using the table of contents, locate FASB Statement 128. What topic does Statement 128 address? What was the issue date?