CURRENTLIABILITIESPROVISIONSANDCONTINGENCIES幻灯片.ppt

Missions is to establish and improve standards of financial accounting and reporting. Differences between FASB and APB include: Financial Accounting Standards Board Smaller Membership Full-time, Remunerated Membership Greater Autonomy Increased Independence Broader Representation LO 6 Identify the major policy-setting bodies and their role in the standard-setting process. FASB relies on two basic premises: Responsive to entire economic community Operate in full view of the public Financial Accounting Standards Board Step 1 = Topic placed on agenda Step 2 = Research conducted and Discussio