FASB
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There has to be a body that will set all accounting rules. If there’s none, it would be chaos, just like if there were no road driving rules. The members of FASB have to go through a very lengthy process of reviewing and analyzing problems that the accounting field has brought them. Then after much though, a pronouncement will be made to either create a new rule or revise the approach of the current accounting issue.
This entity is a non-governmental organization. It has private financing, and they are greatly supported by AICPA (American Institute of Certified Public Accountants). Many CPAs (Certified Public Accountants are members and these members are obliged to follow the principles of behavior or guidelines of this prestigious organization.