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 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? (Hint: See Project Plans in Our Rules of Procedure.)

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

See Due Process in Our Rules of Procedure.)