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Chapter 1 The Development of account statement Theories Normative theories absolve what should be, whereas positive theories explain what is. Ideally, there should be no such distinction, because a well-developed and pass with flying colors theory encompasses some(prenominal) what should be and what is. The Mission of the FASB The FASBs military mission is to essay and improve standards of monetary write up and describe for the guidance and didactics of the public, including issuers, auditors, and users of monetary information. In attempting to accomplish this mission, the FASB seeks to: 1. Improve the usefulness of fiscal reporting by focusing on the primary characteristics of relevance and reliability and on the qualities of equality and consistency (discussed in Chapter 2) 2. Keep standards sure to recoil changes in methods of doing business and changes in the economic environment 3. Consider promptly any significant areas of defici ency in financial reporting that power be improved through the standard-setting process 4. Promote the international comparability of accounting standards simultaneous with improving the quality of financial reporting 5. Improve the move green understanding of the nature and purposes of information contained in financial reports According to SFAS No.

162, the sources of by and large accepted accounting principles were: 1. AICPA Accounting Research Bulletins and Accounting Principles Board Opinions that are non superseded by action of the FASB, FASB Statements of Financial Accounting Standards a nd Interpretations, FASB Statement 133 exe! cution of agent Issues, and FASB Staff Positions. 2. FASB Technical Bulletins and, if well-defined by the FASB, AICPA Industry canvass and Accounting Guides and Statements of Position. 3. AICPA Accounting Standards Executive Committee Practice Bulletins that take been cleared by the FASB and consensus positions of the FASB Emerging Issues Task Force (EITF). 4. death penalty guides...If you inadequacy to get a full essay, order it on our website: BestEssayCheap.com

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