Final answer:
The FASB has developed the Accounting Standards Codification, provides educational programs, offers guidance on standards implementation, works on simplification projects, and conducts post-implementation reviews to ensure effectiveness and clarity in financial reporting.
Step-by-step explanation:
Besides issuing specific accounting standards, the Financial Accounting Standards Board (FASB) has developed the Accounting Standards Codification (ASC) as the authoritative source of Generally Accepted Accounting Principles (GAAP) for US companies. The FASB also provides educational programs, offers implementation guidance for its standards, and constantly works on improving the quality of financial reporting through its agenda consultation projects with stakeholders.
The FASB's initiatives have had a vast impact on the field of accounting. For example, their work on simplification projects aims to reduce complexity in accounting standards, making financial statements more understandable. They also conduct post-implementation reviews to assess the effectiveness of their standards over time.