Lakhasly

the Mission of the FASB 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.improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and faithful representation and on the qualities of comparability and consistency 2.

the Mission of the FASB
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. In attempting to accomplish this mission, the FASB seeks to

1. improve the usefulness of financial reporting by focusing on the primary characteristics of
   relevance and faithful representation and on the qualities of comparability and consistency


2. keep standards current to reflect changes in methods of doing business and changes in the
   economic environment;


3. consider promptly any significant areas of deficiency in financial reporting that might be improved through the standard-setting process;


4. promote the international comparability of accounting standards concurrent with improving the quality of financial reporting;


5. improve the common understanding of the nature and purposes of information contained in financial reports