The Financial Accounting Standards Board (FASB) isa i a private aon enon 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 accounting principles.

Address: http://www.rutgers.edu/accounting/raw (or go to www.wiley.com/college/kimmel)

Steps: 1. Choose FASB.

2. Choose FASB Facts.

Instructions Answer the following questions:

(a) What is the mission of the FASB?

(b) How are topics added to the FASB technical agenda?

Critical Thinking

(c) What characteristics make the FASB’s procedures an “open” decision-making process? _