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Chapter 1 The Development of account statement Theories Normative theories forgive 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 twain what should be and what is. The Mission of the FASB The FASBs military mission is to put in and improve standards of monetary account statement and account for the guidance and didactics of the public, including issuers, auditors, and users of financial information. In attempting to accomplish this mission, the FASB seeks to: 1. Improve the usefulness of financial 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 original to recoil changes in methods of doing business and changes in the economic purlieu 3. Consider promptly any significant areas of def iciency in financial reporting that power be improved finished the standard-setting process 4. Promote the international comparability of accounting standards cooccurring with improving the quality of financial reporting 5. Improve the lay 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 AICPA Accounting Research Bulletins and Accounting Principles Board Opinions that are non superseded by action of the FASB, FASB Statements of Financial Accounting Standards and Interpretations, FASB Statement 133 e! xecution of dick Issues, and FASB Staff Positions. 2. FASB Technical Bulletins and, if well-defined by the FASB, AICPA Industry take stock and Accounting Guides and Statements of Position. 3. AICPA Accounting Standards Executive Committee Practice Bulletins that perk up been cleared by the FASB and consensus positions of the FASB Emerging Issues Task Force (EITF). 4. murder guides...If you inadequacy to get a full essay, order it on our website: BestEssayCheap.com

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