Archives

What is Financial Accounting Standard 157 (FAS 157)? Financial Accounting Standard 157 (FAS 157) is the controversial Financial Accounting Standards Board (FASB) fair value accounting standard, which was introduced in 2006, on the eve of the global financial crisis, and is now known as of the Accounting Standards Code. Subject 820. Key points to remember …

What is an accounting standard? An accounting standard is a common set of principles, standards, and procedures that define the basis for financial accounting policies and practices. Key points to remember An accounting standard is a set of practices and policies used to systematize bookkeeping and other accounting functions across businesses and over time. Accounting …