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Horngren'S Financial And Managerial Accounting
Found in: Page 32

Short Answer

What is the role of the Financial Accounting Standards Board (FASB)?

The primary role of FASB is to monitor the creation and governance of accounting standards.

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Step by Step Solution

Step 1: Explanation of FASB

Financial Accounting Standards Board (FASB) is a U.S. organization funded privately. They are responsible for formatting accounting standards that companies should follow.

Step 2: Working of FASB

FASB works with the Securities and Exchange Commission (SEC), Public Company Accounting Oversight Board (PCAOB), Insitute of Management Accountants (IMA) and so on.

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