The FASB has rules that companies follow to determine standard costs.

Name: The FASB has rules that companies follow to determine standard costs.
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The Financial Accounting Standards Board (FASB) establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations in the United States, but it does not set rules for determining standard costs, which are typically internal management accounting practices.

The FASB Has Rules That Companies Follow to Determine Standard