The fasb's standard-setting process includes, in the correct order: exposure draft, research, discussion paper, accounting standards update. discussion paper, research, exposure draft, accounting standards update. research, discussion paper, exposure draft, accounting standards update. research, exposure draft, discussion paper, accounting standards update.

The correct answer is Research, Discussion paper, Exposure draft and Accounting standards update.

Explanation:

Accounting standards are essential for the efficient functioning of the economy, since decisions regarding the placement of resources and investments are generally based on credible, concise, transparent and understandable financial information. The financial information about the operations and economic position of the different entities is also used by the public to make different decisions.

To achieve its mission, the FASB acts in the following ways:

The FASB is responsible for developing broad accounting standards and standards for financial reports, and provides guidance for their implementation. The concepts help the Council to set the standards and provide a conceptual framework to solve the problems that may occur. The framework will help establish reasonable limits to judge the process of preparing financial information and to increase user understanding and trust in this information. It will also give the public tools to understand the nature and limitations of the information given in the financial reports.

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