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The FASB is an organization that provides standardized guidelines for financial information. The mission of Financial Accounting Standards Board (FASB) is to establish and improve standards of accounting and financial reporting for orientation and public education, including issuers, auditors and users of the financial information. Accounting standards are essential for the proper functioning of the economy because decisions on the allocation of resources rely heavily on credible, concise, transparent and understandable financial information.

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