To help ensure accuracy and legitimacy among financial reports the Federal Accounting Standards Advisory Board (FASAB) was developed in 1990 by the Secretary of Treasury, Director of Office Management and Budget, and the Comptroller General. The board consists of nine members including one representative of the Congressional Budget Office, one representative of the defense and international agencies, one representative of civilian agencies, and three representatives from private sectors. FASAB was created to help form accounting principles and regulations that would help the federal government ensure that all financial reports were handled properly and met the requirements the board has set forth. This board established boundaries and rules for every cost under the s...
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...ng that the government would not accept anything less than accurate financial records. With increasing competition and education about business ethics gives the American business world a bright future at how to properly report its finances. Intensive accounting regulations will only help grow the American economy.
Federal Accounting Standards Advisory Board. By Elmer B. Staats and board. 31 Dec. 1996
L. Murphy Smith, Katherine T. Smith and Elizabeth Vallery Mulig. Journal of Business Ethics.
Vol 61, No 2 (Oct.,2005), pp 153-164.
(published by Springer, article url: http://www.jstor.org/stable/25123611)
Ranjani Krishnan. The Accounting Review. Vol 80, No 1 (Jan, 2005), pp.269-289.
(published by American Accounting Association, article url: http://www.jstor.org/stable/4093169)
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