FASB Accounting

The FASB is a private and not for-profit organizations and their primary goal is to establish and improve generally accepted accounting principles in the public’s interest. FASB established in 1973 and it’s starts giving the financial solutions for public and private companies and non-profit organizations. FASB is responsible for setting accounting standards for public, private companies and organizations. There are currently seven members’ who are at the top position of this organization. The magazines such as Wall Street Journal, USA Today, and others claimed that the FASB fails to resist “Political pressure” on the accounting market. The International Accounting Standards Board (IASB) Committee built in 1973 and it was the first international standards accounting body. When FASB became international standard, then it has progressed quickly. Now they are serving over 100 countries including the European Union. FASB
Accountants are the one who acts like a safeguard of the company because through their financial report, the company knows where are there in the market now. In the real world, you can do a lot of stuffs by taking the accounting course. You can work as a bookkeeper or accounting clerk. You are also trained to do income tax, auditing, making financial reports, financial planner, computer consulting and banking. You can also open your business and work for business, industry, and organizations by providing them the solution through financial reporting and planning. The financial accounting gives the import information to the business about their financial history and current performance through the income statement, balance sheet and the company running cash flow. It also helps the shareholders and stakeholders to take better decisions by giving them the information about the company internal and external control. Those are the important part accounting role in the business