The Statement of Financial Accounting Standards (SFAS) describes standards for professional accounting practices and procedures in the United States. Furthermore, it is published by the Financial Accounting Standards Board (FASB). The document lists standard rules and regulations – including many from GAAP – for preparing financial statements. In addition, the FASB intended for these standards to promote uniformity and transparency of corporate accounting practices. In conclusion, all publicly traded companies in the United States must adhere to the rules and regulations described in Statement of Financial Accounting Standards (SFAS).
When accounting standards change, they have the opportunity to change how your company accounts – resulting in disruptions. If you want to overcome obstacles and prepare how your company is going to react to external factors, then download your free External Analysis whitepaper.
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