Although there is an ease and understanding of the consolidated financial statements some individuals have found a way to manipulate and hide financial problems. As a result, the Financial Accounting Standards Board created some rules and regulations, along with definitions and requirements in order to produce a framework that would bring all authoritative accounting standards into a single source of GAAP, provide ongoing updates, facilitate with convergence to International Financial Reporting Standards (IFRS) and thus, lessen the risk of non-compliance with
Although there is an ease and understanding of the consolidated financial statements some individuals have found a way to manipulate and hide financial problems. As a result, the Financial Accounting Standards Board created some rules and regulations, along with definitions and requirements in order to produce a framework that would bring all authoritative accounting standards into a single source of GAAP, provide ongoing updates, facilitate with convergence to International Financial Reporting Standards (IFRS) and thus, lessen the risk of non-compliance with