The FASB endeavors to draft pronouncements that clearly identify the accounting objective,explain the accounting principle(s)being applied,avoid bright-line rules,and provide enough implementation guidance for consistent application.

Question

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This statement accurately describes the FASB's approach to standard-setting. The FASB aims to provide clear guidance on accounting objectives and principles, while avoiding strict rules that may not be applicable in all situations. They also provide implementation guidance to ensure consistent application of the standards.

The FASB Endeavors to Draft Pronouncements That Clearly Identify the Accounting