FASB
FASB was established in
1973
Number of board members for the FASB
7
First concept statement was created in
1978 or about 4 decades ago
FASB is based out of
Norwalk, Connecticut
Length of term for the FASB board members
5 years
Number of concept statements
8
The FAF is responsible for
Supporting and overseeing FASB
Number of terms the FASB board member are allowed to serve
2 terms
How is the framework used?
Setting accounting and reporting standards, in the academic tool kit for teaching students, and professors use it as a guide for research
Number of advisory groups
6
Board members are elected by
The FAF
The debate surrounding statement 8 involves
Faithful representation and Neutrality