Mission Statement
The FASB's mission is "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." To achieve this, FASB has five goals:
- Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability, and on the qualities of comparability and consistency.
- Keep standards current to reflect changes in methods of doing business and in the economy.
- Consider promptly any significant areas of deficiency in financial reporting that might be improved through standard setting.
- Promote international convergence of accounting standards concurrent with improving the quality of financial reporting.
- Improve common understanding of the nature and purposes of information in financial reports.
Read more about this topic: Financial Accounting Standards Board
Famous quotes containing the words mission and/or statement:
“I cannot be a materialist—but Oh, how is it possible that a God who speaks to all hearts can let Belgravia go laughing to a vicious luxury, and Whitechapel cursing to a filthy debauchery—such suffering, such dreadful suffering—and shall the short years of Christ’s mission atone for it all?”
—D.H. (David Herbert)
“Truth is used to vitalize a statement rather than devitalize it. Truth implies more than a simple statement of fact. “I don’t have any whisky,” may be a fact but it is not a truth.”
—William Burroughs (b. 1914)