Financial Accounting Standard Board Sample Essay
The financial accounting standard board has the obligation of formulating and implementing auditing and accounting procedures and policies to ensure that they address all the accounting problems and issues that the entire field faces with time. The board recommends over various amendments on the auditing standards to facilitate easy understanding of various auditing and accounting terms and phrases and their implications in the business matters hence ensuring there are no disputes among the various stakeholders.
In addition, the set up standards ensures that in case of disputes they can be easily solved and mutually agreed consent or solution reached out. Therefore, the board has to ensure that the rules and regulations set forward and the various amendments carried out thereafter remain relevant and undisputed in terms of their recommendations and clarifications of various phrases and statements.