| The FASB is one organization that provides | | | | --Improve the usefulness of financial reporting by |
| standardized guidelines for financial reporting. The | | | | focusing on the primary characteristics of |
| mission of the Financial Accounting Standards | | | | relevance and reliability and on the qualities of |
| Board (FASB) is to establish and improve | | | | comparability and consistency; |
| standards of financial accounting and reporting for | | | | --Keep standards current to reflect changes in |
| the guidance and education of the public, including | | | | methods of doing business and changes in the |
| issuers, auditors and users of financial information. | | | | economic environment; |
| Accounting standards are essential to the efficient | | | | --Consider promptly any significant areas of |
| functioning of the economy because decisions | | | | deficiency in financial reporting that might be |
| about the allocation of resources rely heavily on | | | | improved through the standard-setting process; |
| credible, concise, transparent and understandable | | | | --Promote the international convergence of |
| financial information. Financial information about the | | | | accounting standards concurrent with improving |
| operations and financial position of individual entities | | | | the quality of financial reporting; and |
| also is used by the public in making various other | | | | --Improve the common understanding of the |
| kinds of decisions. | | | | nature and purposes of information contained in |
| To accomplish its mission, the FASB acts to: | | | | financial reports. |