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Topic: Financial Accounting Standards Board

	FASAB: FASAB Homepage
		The mission of the FASAB is to promulgate federal accounting standards after considering the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information.
		Accounting and financial reporting standards are essential for public accountability and for an efficient and effective functioning of our democratic system of government.
		Thus, federal accounting standards and financial reporting play a major role in fulfilling the government's duty to be publicly accountable and can be used to assess (1) the government's accountability and its efficiency and effectiveness, and (2) the economic, political, and social consequences of the allocation and various uses of federal resources.
	www.fasab.gov (195 words)

	Saxe Lectures (1998): Leisenring, J.J. Financial Accounting Standards Board.
		Accounting standards are influenced by the economic and social environment in which they are established and applied.
		Introducing differences in financial accounting standards in domestic capital markets where they did not exist before is the antithesis of harmonization, and the ultimate effect of various proposals in the United States to ease requirements for foreign issuers could significantly erode comparability.
		Accounting standards in their formative stage must be subjected to rigorous procedures that encourage all interest groups to communicate their views to the standard setter.
	newman.baruch.cuny.edu /digital/saxe/saxe_1998/leisenring_98.htm (3438 words)

	Financial Accounting Standards Board - FASB
		FASB standards govern the preparation of financial reports and are recognized by the SEC.
		Accounting standards are crucial in an efficient market, as information must be transparent, credible, and understandable.
		The FASB sets out to improve accounting practices by enhancing guidelines set out for accounting reports, identifying and resolving issues in a timely manner, and creating a uniform standard across the financial markets.
	baystreet.investopedia.com /terms/f/fasb.asp (153 words)

	What ails the FASB. (Financial Accounting Standards Board)
		The steps that the FASB should implement to correct its problems include: returning to standards that are based on a comprehensible and sound body of accounting theory; writing standards under the assumption that most accountants are honest; and establishing a logical set of priorities from which to focus on the major issues facing the profession.
		Dedicated to reducing corporate income manipulation, the FASB seems to do a bit of its own, it could just be a coincidence, but half of its pronouncements in the last five years were issued in December.
		Supposedly, if the FASB were to fall-because of its carping critics, not its own poor performance-an eager Government would seize the opportunity to enslave all accountants, corporations and the free enterprise system in a bureaucratic nightmare.
	www.nysscpa.org /cpajournal/old/08658672.htm (1947 words)

	NAHB: Financial Accounting Standards Board
		Financial accounting standards and reporting requirements issued by the Financial Accounting Standards Board should be clearly defined and should not have a negative impact on housing.
		FASB requires some hedge instruments to be characterized as derivatives for accounting purposes, which means that their value is calculated using the mark-to-market approach rather than amortizing the instrument’s historical cost.
		FASB’s accounting standards introduce accounting income volatility by requiring a one-sided mark-to-market in which only the fair value changes of the derivative are reflected in the institution’s financial statements, while the fair value changes of the hedged item are ignored.
	www.nahb.org /generic.aspx?sectionID=197&genericContentID=38211 (340 words)

	Financial Accounting Standards
		Accounting standards are needed so that financial statements will fairly and consistently describe financial performance.
		Unlike the APB, FASB was designed to be an independent board comprised of members who have severed their ties with their employers and private firms.
		In 1984, the Governmental Accounting Standards Board (GASB) was formed to set standards for the financial reports of state and local government.
	www.quickmba.com /accounting/fin/standards (518 words)

	Meeting FASB Standards by Bruce Bechtold and Sharon L. Worley
		The Financial Accounting Standards Board (FASB) recently issued two new standards which must be followed by accountants in preparing financial statements for nonprofits, FASB Standard No. 116 and 117.
		Volunteer service is usually not recognized in the financial statements of nonprofit organizations, but the new rules will require such contributed services to be accounted for as income and expenses on an organization's financial statements according to specific criteria.
		The Financial Accounting Standards Board is trying to bring some clarity and consistency to recording the value of volunteer service on the financial statements of nonprofit organizations.
	www.energizeinc.com /art/cfasb.html (696 words)

	H.R. ___, The Financial Accounting Standards Board Act (Site not responding. Last check: 2007-10-08)
		FASB would be forced to use precious resources to develop a very vague standard based on a set of principles that companies could wiggle their way out of with ease.
		To ensure the independence and objectivity of the FASB, the Board members are prohibited from participating in the FAF Trustees' fundraising efforts, and the FAF Trustees are prohibited from participating in the Board members' technical decisions on establishing and improving accounting standards.
		The FASB is supportive of the Discussion Draft's clear statements on (1) the authority of FASB standards, and (2) the duty of the FASB in Sec.
	energycommerce.house.gov /107/hearings/06262002Hearing608/print.htm (16552 words)

	Accounting -- Standards Setting Process -- Goizueta Business Library
		The Act, PL 107-204, established the Public Company Accounting Oversight Board (PCAOB), responsible for registering, monitoring, investigating, and disciplining the activities of public accounting firms, including establishing the guidelines for the conduct of several key auditing procedures nd delineating the types of services that CPAs are prohibited from providing to audit clients.
		It is currently the focus of the IASB, in collaboration with the FASB and other accounting focused organizations, to "converge" standards and develop a single, universally accepted set of biding international accounting standards.
		Organized in 1984 to establish standards of financial accounting and reporting for state and local governmental entities, the Governmental Accounting Standards Board (GASB), began issues these standards to guide the preparation of external reports for these types of organizations.
	business.library.emory.edu /info/accounting/standards.html (957 words)

	Financial Accounting Standards Board (FASB) \| Credibility in Financial Reporting \| Accounting Policy \| Questia.com ...
		...chairman of the Financial Accounting Standards Board and past...cornerstone of the FASB-AcSEC relationship...The Financial Executives...The FASB to become...industry...
		The Financial Accounting Standards Board (FASB), a private...impassioned letter to FASB in late January urging the board not to let Europe...convergence of...
		The Financial Accounting Standards Board (FASB) is one of the...Stamford, CT: FASB...
	www.questia.com /library/economics-and-business/economics/money-and-banking/fasb.jsp (652 words)

	The Financial Accounting Standards Board Issues Final Standard to Account for Certain Hybrid Financial Instruments
		Specifically, today's standard allows financial instruments that have embedded derivatives to be accounted for as a whole (eliminating the need to bifurcate the derivative from its host) if the holder elects to account for the whole instrument on a fair value basis.
		Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants.
		Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors and others rely on credible, transparent and comparable financial information.
	www.primezone.com /newsroom/news.html?d=94387 (582 words)

	Governmental Accounting Standards Board - Wikipedia, the free encyclopedia
		The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America.
		The GASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the GASB and the Financial Accounting Standards Board, and funds both organizations.
		The mission of the Governmental Accounting Standards Board is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports.
	en.wikipedia.org /wiki/Governmental_Accounting_Standards_Board (201 words)

	Financial Accounting Standards Board - Wikipedia, the free encyclopedia
		The FASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the FASB and GASB.
		The Sarbanes-Oxley Act of 2002 imposes fees on public companies and 100% of FASB's budget is funded by these fees; in addition, FASB sells its products under copyright claims that it asserts and uses the proceeds from sales to fund the operation of GASB.
		The SEC designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. Before the present structure was created, financial accounting and reporting standards were established first by the Committee on Accounting Procedure of the AICPA (1936–1959) and then by the AICPA Accounting Principles Board (1959–73).
	en.wikipedia.org /wiki/Financial_Accounting_Standards_Board (479 words)

	FASB: Financial Accounting Standards Board
		The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.
		Financial Accounting Foundation Appoints Distinguished Accounting Professor Thomas J. Linsmeier to the FASB
		The Financial Accounting Foundation Appoints Timothy P. Flynn, Chairman and Chief Executive Officer of KPMG LLP to the Foundation’s Board of Trustees
	www.fasb.org (1470 words)

	ISDA Accounting Committees
		The Accounting Committee discusses and examines current market practices as well as developments arising from accounting standard setters and the international harmonization of accounting standards.
		The Committee works with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB), and other national accounting standard setters, along with the Securities and Exchange Commission (SEC) in the US, the Commission of the European Union, and the UK's Department of Trade and Industry (DTI).
		FASB Proposed Statement of Financial Accounting Standards, Amendment of Statement 133 on Derivative Instruments and Hedging Activities (Financial Guarantee Definition)
	www.isda.org /c_and_a/a_and_d.html (1268 words)

	FASB: FASB Statements and Concepts Statements—Full Text, Summary, and Status
		FASB Statements, Concepts Statements, Interpretations, Technical Bulletins, and EITF Abstracts are copyrighted by the Financial Accounting Standards Board, 401 Merritt 7, Norwalk, Connecticut 06856.
		No part of the FASB Statements, Concepts Statements, Interpretations, Technical Bulletins, and EITF Abstracts as available at this FASB website may be further reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Standards Board.
		To be certain that an FASB Statement that you are viewing has not been affected by either Statement 149 or Statement 150, you will need to look at the Status pages of Statements 149 and 150.
	www.fasb.org /st (3588 words)

	Glossary: Financial Accounting Standards Board
		- FASB, created by accountants, is a professional standards board that sets the standards of financial accounting called Generally Accepted Accounting Principles (GAAP).
		The Securities and Exchange Commission officially recognized FASB as authoritative.
		The material is provided with the understanding that it is not legal, accounting, tax or any other professional advice.
	www.corporateboardminutes.com /glossary/fasb.shtml (138 words)

	Leslie F. Seidman Reappointed to Financial Accounting Standards Board
		Seidman was initially appointed to the FASB in 2003.
		Prior to joining the Board, she managed a financial reporting consulting firm that served global corporations and other concerns.
		The Financial Accounting Foundation Trustees are responsible for overseeing, funding, and selecting the members of the FASB and the GASB.
	www.primezone.com /newsroom/news.html?d=95261 (561 words)

	Financial Accounting Standards Board - FASB
		A seven-member independent board consisting of accounting professionals who establish and communicate standards of financial accounting and reporting in the United States.
		FASB standards, known as generally accepted accounting principles (GAAP), govern the preparation of corporate financial reports and are recognized as authoritative by the Securities and Exchange Commission.
		- The new financial accounting standard known as FAS 123R could take a bite out of your portfolio.
	www.investopedia.com /terms/f/fasb.asp (225 words)

	Financial Accounting Standards Board (FASB)
		- EEI letter to FASB requesting reconsideration of the application of Statement 133 Implementation Issue No. C11 in the context of power purchase agreements.
		- EEI comments on consideration by FASB's Emerging Issues Task Force of issues related to accounting for contracts involved in energy trading and risk management activities (EITF Issue No. 02-3).
		- EEI comments on FASB's exposure draft, 'Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, an interpretation of SFAS Nos.
	www.eei.org /about_EEI/advocacy_activities/Financial_Accounting_Standards_Board/index.htm (221 words)

	Home
		The site has been designed to help users follow and participate in the international accounting standard- setting process.
		IASB and FASB invite nominations for international working group to advise on Lease Accounting issues
		The IASB has posted the latest draft of an Exposure Draft (ED) prepared by staff for the IASB’s project to develop an International Financial Reporting Standard for Small and Medium-sized Entities (SMEs).
	www.iasb.org (384 words)

	IFAC - The International Federation of Accountants
		PIOB Reaches Milestone - At its meeting on September 25-26, the Public Interest Oversight Board (PIOB) celebrated the first anniversary of its office in Madrid, Spain.
		Decisions made at that meeting are highlighted in the PIOB’s press release.
		Finalized reports containing information about the professional standards, quality assurance and investigation and discipline programs in place for professional accountants are in the process of being posted to the IFAC website and are accessible to the public.
	www.ifac.org (392 words)

	Financial Accounting Standards Board Definition
		This article tells you why you should save and how much you should save, with specific emphasis on creating an emergency fund, and when to invest in high-risk, high-return ventures.
		Learn how to get your financial house in order.
		Here we describe the overall approach we recommend: choose a system, calculate your current income and expenses and compare the two, set specific goals and monitor your progress as you work toward them.
	www.investorwords.com /1943/Financial_Accounting_Standards_Board.html (127 words)

	fasb Guide \| financial accounting standards board \| accounting standards
		Corporate Governance and Accounting Standards in Oman: An Empirical Study on Practices
		Particularly, the financial impetus extended by the Sultanate of Oman had signaled the beginning of a positive trend...
		When most analysts, financial planners, fund specialists and investors try to decide whether to buy a particular stock they immediately go to the financial statements to determine the growth potential of the company.
	fasb.info (437 words)

	Financial Reporting Council - Welcome
		The Professional Oversight Board Publishes the Annual Report from its Audit Inspection Unit
		Financial Reporting Council Publishes its Annual Report for 2005/06 and Announces its Annual Open Meeting
		FRC Announces New Appointment to the Accounting Standards Board
	www.asb.org.uk (131 words)

	Documents Related to Financial Accounting Standards (Site not responding. Last check: 2007-10-08)
		Freddie Mac: Accounting Standards Issues Raised in the Doty Report.
		Markup of H.R. 5058, The Financial Accounting Standards Board Act
		Current Issues Before the Financial Accounting Standards Board.
	energycommerce.house.gov /issues/Financial_Accounting_Standards.htm (188 words)

	The Public Company Accounting Oversight Board
		An Audit of Internal Control Over Financial Reporting
		Board to Hold Forum in Philadelphia on Auditing in the Small Business Environment
		What's New: Join the mailing list or view list of site updates.
	www.pcaobus.org (49 words)

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