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EchoMan
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Since the FASB puts together the GAAP for the SEC to use, I am wondering if the FASB has any powers to regulat?
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mike11
FASB - Financial Accounting Standards Board (www.fasb.org). It has absolutely no power to do anything. It merely promulgates principles on accounting affecting "GAAP".
GAAP - Generally Accepted Accounting Principles. Financial statements prepared according to GAAP assume the business will continue operating into the future for the long-term.
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Since the FASB puts together the GAAP for the SEC to use, I am wondering if the FASB has any powers to regulat?
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