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Prior to 2009, the FASB Issued Several Types of Pronouncements

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Essay

Prior to 2009, the FASB issued several types of pronouncements which had differing levels of authority. Explain the differing types of pronouncements, provide a brief explanation as to what changed after 2009 and why is it still important today?


Definitions:

Untouchable Caste

Refers to members of certain Indian social groups historically considered outside the traditional Hindu caste system, facing significant discrimination and exclusion.

Indian Population

Refers to the people living in or originating from India, known for its diverse cultures, languages, and religions.

Age Groups

Social divisions based on age, used to organize individuals within a community or society for various roles and responsibilities.

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