Why Is Flexibility Important in the Constitution

question 104

Short Answer

Why is flexibility important in the Constitution?

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Definitions:

Financial Accounting Standards Board

An independent organization that establishes financial accounting and reporting standards in the United States.

U.S. Accounting Standards

The accounting principles, standards, and procedures established by the U.S. Financial Accounting Standards Board (FASB) for domestic companies.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards for financial reporting.

IFRS

A collection of accounting standards crafted by the International Accounting Standards Board to be utilized worldwide, known as International Financial Reporting Standards.