This week's assignment is the third component of our Standard Setting Industry Project. The focus of this week's short paper writing will be on the Financial Accounting Standards Board (FASB) goals and mission. A retrospective look at the prior authoritative body (Accounting Principles Board, APB) and the principle reasons for creating a new rule-making body should be evaluated. Also, a discussion on the FASB's regulatory relationship with the SEC in standard setting should be included in the presentation