Chapter 6, Problem 2BCC

1.

To determine

Concept Introduction:

FASB(Financial Accounting Standard Board): Financial accounting standard board refers to the private organization that setups and amends the standards under U.S GAAP (generally accepted accounting principles) to serve the interest and welfare of the public.

The pros and cons of requiring alternative disclosures in some circumstances and the decision taken by the FASB.

2.

To determine

Concept Introduction:

Financial Statements:

Financial statements refer to the statements that show the summary of the financial and accounting transactions of a business at the end of a particular time period.

The reason for opposition to including the required information in the notes to the financial statements by some respondents and the decision taken by FASB.