Further, readers of financial statements would have to familiarize themselves with every company’s peculiar accounting and reporting practices.
It would be impossible to prepare statements that could be compared and thus creating a chaos in business and financial world.
FASTR would apply to the Department of Health and Human Services, among other agencies.
Initially it was the primary organization that established accounting principles in the United States.
Subsequently it relinquished its power to the FASB.
Accounting is universally necessary and anybody influenced by it; has influenced the formation process of GAAP in various ways.
GAAP is composed of a fusion of over 2,000 documents that have developed over the last 60 years or so.