From the course: Accounting Foundations: Understanding the GAAP (Generally Accepted Accounting Principles)

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FASB vs. IASB and other standard-setting bodies

FASB vs. IASB and other standard-setting bodies

From the course: Accounting Foundations: Understanding the GAAP (Generally Accepted Accounting Principles)

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FASB vs. IASB and other standard-setting bodies

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- Have you ever found yourself driving down the road and you're not sure of the speed limit? That happened to me recently. My daughter was driving and was sure the speed limit was 60 miles per hour and I was sure it was 55 miles per hour. She was right, and I backed off being critical of her for driving so fast. I didn't know the rules, she did. And that made her more equipped to make good decisions. It's always important to know when there's a rule book to follow, right? This is especially true for publicly-traded companies because their financial statements are so heavily relied upon by many different stakeholders, including current and prospective investors or creditors. Our goal is to talk through the various standard-setting bodies that govern the preparation and presentation of accounting information. I want to make sure that you are aware of who is making the rule books that your business is expected to follow.…

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