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Chapter 1 The Development of account statement Theories Normative theories free pardon what should be, whereas positive theories explain what is. Ideally, there should be no such(prenominal) 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 arrive at and improve standards of monetary history and insurance coverage 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 financial reporting by focusing on the primary characteristics of relevance and dependability and on the qualities of equality and consistency (discussed in Chapter 2) 2. Keep standards watercourse to recoil changes in methods of doing business and changes in the economic environment 3. Consider promptly an y significant areas of deficiency in financial reporting that power be improved through with(predicate) the standard-setting process 4. Promote the international comparability of accounting standards synchronous with improving the quality of financial reporting 5. Improve the position 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 AICPA Accounting Research Bulletins and Accounting Principles Board Opinions that are non superseded by action of the FASB, FASB Statements of Financial Accounting Standar! ds and Interpretations, FASB Statement 133 execution of doer Issues, and FASB Staff Positions. 2. FASB Technical Bulletins and, if well-defined by the FASB, AICPA Industry scrutinize and Accounting Guides and Statements of Position. 3. AICPA Accounting Standards Executive Committee Practice Bulletins that hurl been cleared by the FASB and consensus positions of the FASB Emerging Issues Task Force (EITF). 4. effectuation guides...If you inadequacy to get a full essay, order it on our website: BestEssayCheap.com

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