Neither the FASB nor any of its predecessor standards-setting bodies have ever considered whether fiduciary activities should be reported in GAAP financial reports.

Question

Quizplus · Accepted Answer

For commercial entities, no accounting standards setters, specifically the FASB, or any of its predecessors, have discussed whether fiduciary activities should be included in the GAAP financial statements of businesses.

Neither the FASB nor Any of Its Predecessor Standards-Setting Bodies