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Chapter 1 The Development of account statement Theories Normative theories exonerate what should be, whereas positive theories explain what is. Ideally, there should be no much(prenominal) distinction, because a well-developed and pass with flying colors theory encompasses both what should be and what is. The Mission of the FASB The FASBs military mission is to put up and improve standards of monetary report and report for the guidance and didactics of the public, including issuers, auditors, and users of pecuniary 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 current to recoil changes in methods of doing business and changes in the economic purlieu 3. Consider promptly any significant areas of de ficiency in financial reporting that power be improved finished the standard-setting process 4. Promote the international comparability of accounting standards coincident with improving the quality of financial reporting 5. Improve the put 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 AICPA Accounting Research Bulletins and Accounting Principles Board Opinions that are non superseded by action of the FASB, FASB Statements of Financial Accounting Standards and Interpretations, FASB Statement 133 e! xecution of prick Issues, and FASB Staff Positions. 2. FASB Technical Bulletins and, if well-defined by the FASB, AICPA Industry examine and Accounting Guides and Statements of Position. 3. AICPA Accounting Standards Executive Committee Practice Bulletins that energize been cleared by the FASB and consensus positions of the FASB Emerging Issues Task Force (EITF). 4. executing guides...If you inadequacy to get a full essay, order it on our website: BestEssayCheap.com

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