ShmoopTube

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Finance a la shmoop what is FASB? ok first say it with me people FASB sounds

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way cooler than Financial Accounting Standards Board alright well what is it

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well it's a private regulatory body that has given birth to myriad opinions on [FASB definition appears on 100 dollar bill]

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how things should be accounted for with its favorite child being GAAP.....

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yeah, remember GAAP generally accepted accounting principles and it's the

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religion of accounting so GAAP was the most famous creation of FASB, but

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hundreds of other little creations followed in that the august group of

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seven members who run FASB realized 50 years ago that the world would look a

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whole lot different half a century later when you were countin beans like who'd have

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thunk about digital beans accounting standards would have to be flexible [People stretching in a field]

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almost in the same vague way the US Constitution is written so that when a

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customer buys an upgrade from the people who make angry birds in an app sold by

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Apple but downloaded by Comcast paid for with a Visa card while everyone would

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know with certainty who got paid what when the key idea behind FASB is that

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it's an adaptive group that changes with a quickly changing bean-counting

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environment trying to make sure everything is you know fair and square

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for all if you want to think about it in a mathy way well they seek to be the

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derivative not the curve itself alright so you're living right here on the curve [Arrow points to derivative on a curve]

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changing all the time dxdy and all that crap, FASB....

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