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:
“We never can tell how our lives may work to the account of the general good, and we are not wise enough to know if we have fulfilled our mission or not.”
—Ellen Henrietta Swallow Richards (1842–1911)
“Children should know there are limits to family finances or they will confuse “we can’t afford that” with “they don’t want me to have it.” The first statement is a realistic and objective assessment of a situation, while the other carries an emotional message.”
—Jean Ross Peterson (20th century)