What is the FASB?

What is the FASB?




The FASB is an organization which provides standardized information financière.La mission of the Financial Accounting Standards Board (FASB) guidelines 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.

Accounting standards are essential for the proper functioning of the economy that decisions on the allocation of resources depend strongly on credible, concise, transparent financial information and compréhensibles.Des financial information on operations and financial situation of the individual entities are also used by the public in the manufacture of various other kinds of decisions.




To accomplish its mission, the FASB is for:




-Improve the usefulness of financial information with an emphasis on the main characteristics of the relevance and reliability as well as consistency and comparability of qualifications;

-Maintain current standards to reflect changes in the methods of doing business and changes in the economic environment;

-Examine all significant areas of deficiency in financial reporting could be improved through the standardisation process;

-Promoting international convergence of accounting standards at the same time improving the quality of financial reporting and

-Improve the common understanding of the nature and purposes of the information contained in financial reports.




The FASB develops major accounting concepts as well as standards for information financière.Il also provides advice on the application of the normes.Concepts are useful to guide the Commission in setting standards and providing a frame of reference or a conceptual framework, to troubleshoot comptables.Le framework will help establish reasonable limits for judgment in the preparation of financial information and understanding and trust, financial information on the part of users reporting financiers.Il will also help the public understand the nature and limitations of the information provided by financial reporting.