Accounting standards provide guidance for the creation of financial statements.ย
Accounting standards come from the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Both bodies create drafts of standards that are subject to public review and feedback. Once approved, they become a part of the respective codifications.ย
Accounting standards constantly evolve. They are developed to meet the needs of those who read financial statements. The standards provide guidance about financial statements such as a balance sheets and disclosures, sometimes called notes to the financial statements.ย
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