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 accounting principles.

Address: www.fasb.org

(or go to www.wiley.com/college/kimmel)

Steps:

Choose Facts about FASB.

Instructions Answer the following questions.

(a) What is the mission of the FASB?

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

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