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What Are the Six Key FASB Initiatives to Further Convergence

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What are the six key FASB initiatives to further convergence?


Definitions:

Insanity

When a person cannot understand the nature or consequences of his acts.

Court Order

A formal declaration made by a court that mandates or forbids certain actions by one or more parties.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when entrusted with care of money or property.

Apparent Authority

A situation where a person appears to have been given the power to act on behalf of another, leading third parties to reasonably believe in that authority.

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