Definition

Oversees the creation and governance of accounting standards in the United States Requires an organization to be a separate economic unit

Oversees U$.$S$.$ financial markets

States that acquired assets and services should be recorded at their actual cost

Creates International Financial Reporting Standards

The main U$.$S$.$ accounting rule book

Assumes that an entity will remain in operation for the foreseeable future

Assumes that items on the financial statements are recorded in a monetary unit

Requires information to be complete, neutral, and free from material error