Questions: is the common abbreviation for the Board that currently establishes financial accounting and reporting standards in the U.S. (Enter the acronym.)

is the common abbreviation for the Board that currently establishes financial accounting and reporting standards in the U.S. (Enter the acronym.)

Transcript text: $\square$ is the common abbreviation for the Board that currently establishes financial accounting and reporting standards in the U.S. (Enter the cronym.)

Solution

The common abbreviation for the Board that currently establishes financial accounting and reporting standards in the U.S. is FASB.

FASB stands for the Financial Accounting Standards Board. It is an independent, private-sector organization that sets accounting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP) in the United States. The FASB was established in 1973 and has since been the primary body responsible for developing and issuing accounting standards to ensure transparency, consistency, and comparability in financial reporting.

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