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FASB's Role in Establishing Financial Reporting Standards
December 10, 2023
What role does the Financial Accounting Standards Board (FASB) play in setting reporting standards?
The Financial Accounting Standards Board (FASB) is instrumental in setting accounting and reporting standards in the United States. FASB develops and updates Generally Accepted Accounting Principles (GAAP), ensuring consistency, comparability, and transparency in financial reporting. It collaborates with stakeholders to address emerging issues and updates standards to reflect changing business environments.
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