Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

FASB

Read a random definition: contemporary community standards

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
LSD+ is ad-free, with DMs, discounts, case briefs & more.