Financial Accounting Standards Board

Financial Accounting Standards Board. 2007. Available at www.fasb.org accessed on November 12, 2007. 

W. S. Upton, Jr., Special Report Business and Financial Reporting, Challenges for the New Economy, Financial Accounting Series, No. 219-A, Financial Accounting Standards Board, Norwalk, CT, April 2001. 

If standards of performance exist, the professional should be aware of those standards and make every effort to comply with them. For example, accountants have certain standards that are maintained and published by the Financial Accounting Standards Board. Safety professionals have standards published by the Board of Certified Safety Professionals. When accountants, safety practitioners, or other professionals remain ignorant of the standards of their trades or choose to ignore those standards, they are increasing their risk of... 

Several authors indicate that the concepts on which financial management is based derive from economic theory. They say that the financial measurement systems used are those applied in economic analysis for economic activity, whether for profit or nonprofit entities. For either type of operation. Generally Accepted Accounting Principles have evolved for the recording of financial transactions and for the allocation of resources. Those principles are set forth in guidelines issued by the Financial Accounting Standards Board. 

The Financial Accounting Standards Board (FASB) has developed standards and practices that make financial reporting consistent with... 

Recent changes in accounting rules by the International Accounting Standards Board and Financial Accounting Board may affect this equation. See Anon. Changes on the horizon. R D Directions... 

The ASC prepared draft Statements of Standard Accounting Practice (SSAP) these were then adopted by the professional bodies and it became incumbent on their members to adhere to them or to justify any deviation from them. The ASC has now been replaced by a more independent bo, the Accounting Standards Board. The SSAPSs are being replaced by Financial Reporting Standards (FRS). These standards often allow a wide variation in practice and leave much scope for individual judgement. 

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