sources of accounting information, the objectives of financial reporting and their role in the economy, and the role of ethics in financial reporting. Standard setting process According to Schroeder, Clark, and Cathey (2011), the guidance and education of the public, including issuers, auditors, and users of financial information is the part of FASB’s mission is to establish and improve standards of financial accounting and reporting. The mission that FASB seeks to accomplish is as…
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