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Finance: What is FASB? 9 Views
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Description:
What is FASB? The FASB is the Financial Accounting Standards Board. This is a private group that is responsible for writing all accounting rules and determining exactly how financial statements should be written and interpreted.
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
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- Finance and Economics / Terms and Concepts
- Terms and Concepts / Accounting
- Terms and Concepts / Banking
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- Terms and Concepts / Company Management
- Terms and Concepts / Derivatives
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Transcript
- 00:00
Finance a la shmoop what is FASB? ok first say it with me people FASB sounds
- 00:10
way cooler than Financial Accounting Standards Board alright well what is it
- 00:14
well it's a private regulatory body that has given birth to myriad opinions on [FASB definition appears on 100 dollar bill]
- 00:19
how things should be accounted for with its favorite child being GAAP.....
- 00:25
yeah, remember GAAP generally accepted accounting principles and it's the
Full Transcript
- 00:30
religion of accounting so GAAP was the most famous creation of FASB, but
- 00:35
hundreds of other little creations followed in that the august group of
- 00:39
seven members who run FASB realized 50 years ago that the world would look a
- 00:44
whole lot different half a century later when you were countin beans like who'd have
- 00:49
thunk about digital beans accounting standards would have to be flexible [People stretching in a field]
- 00:52
almost in the same vague way the US Constitution is written so that when a
- 00:57
customer buys an upgrade from the people who make angry birds in an app sold by
- 01:04
Apple but downloaded by Comcast paid for with a Visa card while everyone would
- 01:10
know with certainty who got paid what when the key idea behind FASB is that
- 01:14
it's an adaptive group that changes with a quickly changing bean-counting
- 01:19
environment trying to make sure everything is you know fair and square
- 01:22
for all if you want to think about it in a mathy way well they seek to be the
- 01:26
derivative not the curve itself alright so you're living right here on the curve [Arrow points to derivative on a curve]
- 01:31
changing all the time dxdy and all that crap, FASB....
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