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| Topic: |
Business
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| Number of pages / Number of words: |
3 / 606 |
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Companies are required to follow the principles set by the FASB. The FASB establishes these principles by issuing pronouncements publicly; these pronouncements are: statements of financial accounting standards, statements of financial accounting concepts, FASB interpretations, FASB technical bulletins, and EITF Abstracts (Wikipedia [2], 2008)...
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The FASAB is a federal advisory committee. Federal financial reporting entities are required to adhere to release annual, audited financial statements, as per the Chief Financial Officers Act of 1990.
Governmental Accounting Standards Board
The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by State and Local governments...
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