A(n) _____ Is Any Group Within or Outside the Organization

question 143

Short Answer

A(n) _____ is any group within or outside the organization that has a stake in the organization's performance.

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Definitions:

IASB

The International Accounting Standards Board, an independent body responsible for the development and publication of International Financial Reporting Standards (IFRS).

FASB

The Financial Accounting Standards Board, which is responsible for developing accounting standards in the United States.

Accounting Assumptions

The foundational principles that guide the preparation of financial statements, including going concern, accrual basis, and monetary unit assumptions.

Conventions

Agreed-upon practices or methodologies in accounting and finance that ensure consistency and compliance with standards.