Paper Topic:

Accounting

Mission of Financial Accounting Standards Board

The Financial Accounting Standards Board has been established to aid in the restoration of the reputation of the accounting field after numerous corporate scandals that have shocked the world few months ago . In addition , it is commissioned to address the factors that have contributed to the erroneous and malicious financial statements to ensure that such accounting activities will not happen again . More importantly , the Financial Accounting Standards Board has been founded to aid various classes such as auditors , investors , public company owners , creditors , SEC , and

the public , as well , with regard to over-all financial aspect of the economy . Furthermore , the Board is founded to help the SEC in formulating effective , reliable , and efficient accounting standards

In achieving the Board 's mission , it is committed to educate the public and those interested sectors as well as to the importance of financial reporting . In making so , it has to establish the reliability and credibility of such report . Notably , financial reports are relied upon by investors , shareholders , stockholders , and other interested party in their financial decision- making . Hence , it is necessary that financial statements or reports need to reflect the truth and is not made to defraud or mislead others . On this area , the Board aims to increase the usefulness of the financial statements that is credible and reliable

Additionally , the Board is also committed to promote the accounting standard in the international level and for the continuous improvement of the quality of financial reports . Apart from...

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