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Imagine that you have an open book in front of you-a business ledger.
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Honest mistakes do happen, and honest mistakes may be amended. You can review these standards on the FASB website.Ĭan you get in trouble for erroneous or misleading accounting practices? Yes. The Securities and Exchange Commission (SEC) designated FASB the official standard-setter of United States accounting practices, so FASB standards are generally seen as authoritative.