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Ethical And Legal Obligations

Introduction
The Accounting profession has been established since the early 1900s. The profession has continued to develop in response to the needs of users of financial statements for financial information to support decisions and informed judgments. This paper will discuss the various accounting standards and their relationships, accounting theories, and evaluate the role of ethics in accounting.
Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) was organized in 1973. FASB has been recognized as the designated organization in the private sector for establishing standards of financial accounting and reporting. They are officially recognized by Securities Exchange Commission as being authoritative. The council at present consists of 30 members who are broadly representative of preparers, auditors and users of financial information. The standards "govern the preparation of financial reports and are essential to the efficient......


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Approximate Word Count: 1287
Approximate Pages: 6 (250 words per double-spaced page)

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