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.

Go to the FASB website to answer the following questions.

a. What are the 10 steps of the standard-setting process?

b. What are the advisory groups that provide service to the FASB?

c. What characteristics make the FASBs procedures an open decision-making process?