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Simple English definitions for legal terms

FASB

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A quick definition of FASB:

Term: FASB

Definition: FASB stands for Financial Accounting Standards Board. It is a group of people who make rules about how companies should report their financial information. These rules help make sure that everyone is using the same standards and that the information is accurate and reliable.

A more thorough explanation:

FASB

FASB stands for Financial Accounting Standards Board. It is an organization that creates and updates accounting standards for companies in the United States.

One example of a standard created by FASB is the rule that companies must report their financial statements using Generally Accepted Accounting Principles (GAAP). This ensures that all companies are using the same accounting methods and makes it easier for investors to compare financial information between companies.

Another example is the recent update to the revenue recognition standard, which provides guidance on how companies should recognize revenue from contracts with customers. This helps to ensure that companies are reporting revenue in a consistent and transparent manner.

FASB plays an important role in ensuring that companies are reporting their financial information accurately and transparently. By creating and updating accounting standards, FASB helps to promote consistency and comparability in financial reporting, which is important for investors and other stakeholders who rely on this information to make decisions.

FAS | FASB statement

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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