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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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