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11. What is the importance of the FAF and FASAC to the success of the FASB? 12. The three attempts at standard setting in the

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11. What is the importance of the FAF and FASAC to the success of the FASB? 12. The three attempts at standard setting in the private sector (CAP, APB, and FASB) have all dealt with the need for a theoretical foundation. Why were the CAP and the APB unsuccessful at this endeavor

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