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The FASB expected the system to reduce the amount of time and effort required to research accounting issues, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real-time updates as new standards are released, and assist the FASB with the research efforts required ...
The FASB then implemented SFAS 157 which established new standards for disclosure regarding fair value measurements in financial statements in 2006. [31] That same year, the FASB added Investor Liaisons to its staff, who would be responsible for reaching out to investors to hear feedback on the various FASB activities. [32]
Accordingly, ASC 810 requires that all consolidation analysis first consider whether a legal entity is a VIE before applying the guidance for voting interest entities. VIEs came to prominence after Enron made " creative " use of special-purpose entities to conceal widening losses from its investors at the beginning of the 2000s.
The Financial Accounting Standards Board (FASB) publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP. [2] The FASB published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008.
Superseded by FASB Statement 96, para. 203(l), and FASB Statement 109, para. 286(o) 26. Accounting for Purchase of a Leased Asset by the Lessee during the Term of the Lease—an interpretation of FASB Statement No. 13 Sept. 1978: None; 27. Accounting for a Loss on a Sublease—an interpretation of FASB Statement No. 13 and APB Opinion No. 30 ...
FASB Issues Standard Clarifying Investment Company Status and Accounting NORWALK, Conn.--(BUSINESS WIRE)-- The Financial Accounting Standards Board (FASB) today issued an Accounting Standards ...
The FASB, after extensive discussions, has concluded that fair value is the most relevant measure for financial instruments. In its deliberations of Statement 133, the FASB revisited that issue and again renewed its commitment to eventually measuring all financial instruments at fair value.
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