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What Is Foundations Of Financial Accounting • The Financial Accounting Foundation (FAF) is a free, private-segment association that is mostly liable for setting up and improving financial accounting and working norms and teaching its constituents about those gauges. The Financial Accounting Foundation has duty regarding the oversight, organization, and funds of two accounting sheets and their warning gatherings: the Governmental Accounting Standards Board (GASB), and the Financial Accounting Standards Board (FASB). GASB is a private non-legislative association that makes accounting detailing gauges, or sound accounting guidelines (GAAP), for U.S. state and nearby governments
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