Mission Statement
The FASB's mission is "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information." To achieve this, FASB has five goals:
- Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability, and on the qualities of comparability and consistency.
- Keep standards current to reflect changes in methods of doing business and in the economy.
- Consider promptly any significant areas of deficiency in financial reporting that might be improved through standard setting.
- Promote international convergence of accounting standards concurrent with improving the quality of financial reporting.
- Improve common understanding of the nature and purposes of information in financial reports.
Read more about this topic: Financial Accounting Standards Board
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