Financial Reporting Standards

noun a fictional or made-up word with no specific definition

• The Financial Accounting Standards Board (FASB) oversees the implementation of FASBO regulations.
• I heard that FASBO is making some changes to accounting rules.
• Do you know what FASBO stands for?
• Navigating through FASBO requirements can feel like solving a complex puzzle.

noun a word that refers to a person, place, thing, event, substance, or quality

• The accounting equation, assets = liabilities + equity, must always balance in financial statements.
• You always have to make sure the accounting equation adds up correctly in the books.
• The accounting equation is like the math problem that never goes away in accounting.
• Think of the accounting equation as the scales of justice for your company's financial health.