Question

3 simple rules for FASB to keep in mind when rule making

Answer 1

The three simple rules for FASB (the Financial Accounting Standards Board) to keep in mind when rule making are: all three numbers are significant, the leading zeros are not significant, and the specific numbers stated are significant. These rules help ensure accuracy and consistency in financial reporting.

Step-by-step explanation:

The three simple rules for FASB (the Financial Accounting Standards Board) to keep in mind when rule making are:

1. All three numbers are significant (rule 1).
2. The leading zeros are not significant (rule 3).
3. The 3 and the 1 are significant (rule 1).

These rules help ensure accuracy and consistency in financial reporting.