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what is the role of the FASB?
Hello, Goodlulu ~
What an interesting question - especially in these days of very
creative accounting.
According to its website, the FASB - Financial Accounting Standards
Board - describes its role as:
"... the designated organization in the private sector for
establishing standards of financial accounting and reporting. Those
standards govern the preparation of financial reports."
The FASB explains that, "They are officially recognized as
authoritative by the Securities and Exchange Commission (Financial
Reporting Release No. 1, Section 101) and the American Institute of
Certified Public Accountants (Rule 203, Rules of Professional Conduct,
as amended May 1973 and May 1979). Such standards are essential to the
efficient functioning of the economy because investors, creditors,
auditors and others rely on credible, transparent and comparable
financial information."
http://www.fasb.org/facts/
They explain their mission as follows:
"The mission of the Financial Accounting Standards Board (FASB) is to
establish and improve standards of financial accounting and reporting
for the guidance and education of the public, including issuers,
auditors and users of financial information."
While their standards are generally recognized by such bodies as the
SEC and the American Institute of Certified Public Accounts, there is
no rule, law or mandate that makes those standards obligatory.
As with many standards organization, it is not affiliated with any one
area, government or private sector, but instead seeks to recommend
standards to be easily understood by all.
As an aside -
There is an interesting article from the Corporate Law Report, "Pitt
Urges Lawyers, Accountants: Follow Spirit of Law, Seek to Uncover
Fraud", dated in February of last year, wherein they advocate making
such standards mandatory. The article is listed below:
See: "Securities Regulation & Law Report,
Volume: 34 Number: 8
February 25, 2002
Antifraud
Pitt Urges Lawyers, Accountants: Follow Spirit of Law, Seek to Uncover
Fraud
http://216.239.33.100/search?q=cache:3rQFKPkW7hAC:corplawcenter.bna.com/PIC/corppic.nsf/(Index)/065206DF415BBA9585256B68006420E7%3FOpenDocument+legal+role+of+fasb&hl=en&ie=UTF-8
Search terms:
- mandatory accounting practices
- role FASB
- FASB
- compulsory accounting practices
- compulsory reporting laws
Hope this answers your question,
Serenata
thank you very much. Pharmaceutical Business::
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