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The Financial Accounting Standards Board, or FASB, is currently the authoritative agency and is responsible for establishing the standards in GAAP. They facilitate an analyst's ability to understand and compare data in a reliable manner. The creation of Generally Accepted Accounting Principles provides investors, creditors, and regulators with the ability to draw reasonable conclusions as to the quality of a company when making comparisons to another organization or attempting to assess the financial position of a business. The accounting market is predicted to reach $735.94 billion by 2025 according to accounting industry statistics. Accounting industry generates billions of dollars.
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