Task:
From the Financial Accounting Standard Board Website could you tell what...
(1)The points pertaining to the influence of economic consequences on the shaping of the accounting standards
(2)The objectives of the FASB initiatives
(3)The sources that the FASB project addresses
(4)The decisions reached at the board meeting on August 24, 2005 concerning the Hierarchy of U.S. Generally Accepted Accounting Principles (GAAP)
(5)The current categories of U.S. GAAP hierarchy for Nongovernmental Entities as provided in SAS-69
(6)The proposed U.S. GAAP Hierarchy for nongovernmental entities
(7)The sources of U.S. GAAP to be provided by the proposed project