Purpose and Background of FASB

The mission of the FASB can be found on its website: "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" (FASB, 2005, para 3). The organization accomplishes this mission through working to improve the usefulness of reports in regards to relevance and reliability, maintaining the currency of standards with the changes in business, reacting without delay to deficiencies in reporting, promoting the worldwide assemblage of standards, and striving to improve the understanding of key concepts in financial reporting (FASB, 2005).…