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Learning Exercise

Material: Financial Accounting Standards Board (FASB) Overview
Submitted by: George Schell on Feb 17, 2000
Date Last Modified: Oct 10, 2000
Title: Financial Accounting Standards Board (FASB) Overview
Description: The assignment is to introduce students to the purpose and members of the Financial Accounting Standards Board (FASB) via the organization's Web site.
Type of Task: Individual, Student-centered, Supplemental activity
Time Required 1 hour
Topics: FASB Mission and Members
Course: Introductory Financial Accounting Course
Audience: College Lower Div Major
Prerequisites Skills: none
Learning Objectives: Undertand the Financial Accounting Standards Board (FASB) mission and the members of the organization.
Technical Notes: students must be able to access the Web and navigate links
Text of Learning Exercise: From the initial site navigate to the link labeled "Financial Accounting Standards Board". This site gives current information about FASB and upcoming events.

Next, link to the "FASB Facts" site (see the navigation bar on the left-hand-side of the Web page) and answer the questions below.

1) write a brief overview (6 to 10 sentences) of the Financial Accounting Standards Board (FASB).
2) paraphrase the FASB mission statement in three or less sentences
3) name three members on the Board and describe their experience that qualifies them for Board membership
4) name five members on the Financial Accounting Standards Advisory Council (the Council is differnet from the Board) and state where the member works and the type of work performed (manufacturing, education, consulting, etc.)
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