Answer:
One of the main goals of Financial Accounting Standards Board (FASB) is to sets accounting rules for public and private companies, as well as nonprofits, in the United States.
Explanation:
The FASB's goal remains improving the quality of financial reporting in the U.S. while advancing global comparability of financial reporting.
I believe that goal has been met and there is still room for improvement.
Technological advancement has also come in to play as an innovative measure to help in the implementation of FASB goals.
In 2009, the FASB Accounting Standards Codification, an online research tool designed as a single source for authoritative, nongovernmental, generally accepted accounting principles in the United States was launched.
It "reorganizes the thousands of U.S. GAAP pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure," the organization says.
The website also provides relevant Securities and Exchange Commission (SEC) guidance and features a free basic view as well as a comprehensive made available by paid subscription.
