Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 1 - Financial Accounting and Accounting Standards - Questions - Page 24: 19

Answer

FASB Staff Positions (FSP) are used to provide interpretive guidance and to make minor amendments to existing standards. The due process used to issue a FSP is the same used to issue a new standard.

Work Step by Step

FSPs are basically used as additional guidance as far as application is concerned. They enhance areas such as determination of fair value as well as measuring securities.
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