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Simple English definitions for legal terms
FASB statement
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A quick definition of FASB statement:
A FASB statement is a rule made by a group called the Financial Accounting Standards Board. This rule tells people how to do their accounting in a way that is acceptable. It's like a teacher telling you how to do your homework correctly.
A more thorough explanation:
A FASB statement is an official announcement made by the Financial Accounting Standards Board that establishes a specific financial accounting practice as acceptable.
For example, FASB Statement No. 13 establishes the accounting standards for leases. It outlines how companies should account for leases in their financial statements.
Another example is FASB Statement No. 116, which establishes the accounting standards for contributions received and made by non-profit organizations. It outlines how non-profit organizations should account for contributions in their financial statements.
These examples illustrate how FASB statements provide guidance and establish standards for financial accounting practices.