What does ASC mean in ACCOUNTING
Accounting Standards Committee (ASC) is a committee established by the Financial Accounting Standards Board to make statements on accounting principles and develop them in accordance to the highest standards of financial accounting. It consists of members who are knowledgeable in the field of accounting and have extensive experience in financial analysis.
ASC meaning in Accounting in Business
ASC mostly used in an acronym Accounting in Category Business that means Accounting Standards Committee
Shorthand: ASC,
Full Form: Accounting Standards Committee
For more information of "Accounting Standards Committee", see the section below.
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Essential Questions and Answers on Accounting Standards Committee in "BUSINESS»ACCOUNTING"
What is the responsibility of ASC?
The main responsibility of ASC is to set statements on accounting principles and develop them with the highest standards of financial accounting.
Who are members of the ASC?
The members of the ASC are individuals who possess knowledge and experience in fields related to finance or accounting.
How does ASC help support financial reporting?
Through its work, ASC helps improve transparency, accuracy, and reliability of corporate financial reporting. It also supports stakeholders in their decision making process related to investments or other activities linked to a company's finances.
What are some guidelines for specific projects undertaken by ASC?
Some guidelines for specific projects undertaken by ASC include providing clear guidance on presentation formats, providing training opportunities for professionals from all around the world, conducting research studies on topical areas within corporate governance, and developing industry-specific guides or best practices documents as needed.
How can an organization become part of ASC?
Organizations must show evidence that they adhere to high ethical standards and demonstrate sufficient knowledge and expertise in order to be considered for entry into the organization as a member. After acceptance into membership, organizations must commit to participating actively in all committee activities and discussions.
Final Words:
The Accounting Standards Committee plays an important role in helping improve transparency, accuracy, reliability, and consistency when it comes to corporate financial reporting worldwide. Its commitment towards creating high ethical standards within organizations serves as a model for others looking at improving their practices when it comes to recordkeeping and accountability.
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