* Offers a logical and consistent way to think about accounting issues and concepts.
* Allows accountants to better understand the implications of their actions and decisions.
* Facilitates communication between accountants and other professionals, such as auditors, lawyers, and financial analysts.
Helps Accountants Resolve Complex Accounting Issues
* Provides guidelines for addressing new and complex accounting problems.
* Offers a foundation for developing new accounting practices that are consistent with generally accepted accounting principles (GAAP).
* Assists accountants in making informed judgments when GAAP does not provide specific guidance.
Enhances the Credibility and Reputation of the Accounting Profession
* Establishes a common body of knowledge that accountants can share and rely on.
* Supports the development of professional standards that protect the public interest.
* Fosters confidence in the financial statements that accountants prepare.
Improves the Performance of Accounting Firms
* Provides a basis for developing standardized accounting practices and workflows.
* Enables accounting firms to identify and mitigate risks associated with specific types of transactions.
* Helps accounting firms provide better service to their clients by offering expert advice on complex accounting issues.
Provides a Foundation for Continuing Education
* Keeps accountants up-to-date on the latest developments in accounting theory and practice.
* Facilitates the learning of new accounting techniques and concepts.
* Supports the development of specialized accounting expertise.