Question: Why do we need accounting standards? What is the relationship between FASB statements and GAAP? What is the relationship between financial reporting and accounting standards?

  1. Why do we need accounting standards? What is the relationship between FASB statements and GAAP?
  2. What is the relationship between financial reporting and accounting standards? Why is important to have accounting codifications?
  3. What are the main objectives of financial reporting? Give a couple of examples.

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