The Paper

Chapter 1

The Development of account statement Theories


Normative theories pardon 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
both what should be and what is.

The Mission of the FASB

The FASBs military mission is to establish and improve standards of monetary accounting
and reporting 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 dependableness 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 environment

3. Consider promptly any significant areas of deficiency in financial reporting
that power be improved through the standard-setting process

4. Promote the international comparability of accounting standards concurrent
with improving the quality of financial reporting

5. Improve the putting 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Opinions that are non superseded by action of the FASB, FASB Statements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
execution of instrument Issues, and FASB Staff Positions.

2. FASB Technical Bulletins and, if well-defined by the FASB, AICPA Industry Audit
and Accounting Guides and Statements of Position.

3. AICPA Accounting Standards Executive Committee Practice Bulletins
that have been cleared by the FASB and consensus positions of the FASB
Emerging Issues Task Force (EITF).

4. Implementation guides...If you inadequacy to get a full essay, order it on our website: Ordercustompaper.com



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