(Answered) Question a in establishing financial accounting standards

Accounting

Question: a) In establishing financial accounting standards, two basic premises of the FASB are

(1) The FASB should be responsive to the needs and viewpoints of the entire economic community, not just the accounting profession.

(2) It should operate in full view of the public through a "due process" system that gives interested persons ample opportunity to make their views known. To ensure achievement of these goals, explain the steps taken in the evolution of an FASB Statement of Financial Accounting Standards?

b) Describe the purpose of the "Accounting Standards Codification".

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