What is Financial Accounting Standards Board (FASB)
What is Financial Accounting Standards Board (FASB)?
The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports- Financial Accounting Foundation
The Financial Accounting Standards Board is an independent, non-profit organisation consisting of a government body of 7 members, whose main purpose is to issue and communicate the generally accepted accounting principles (GAAP) in the United States. The standards established by the FASB prescribe the financial accounting guidelines for public and private companies in the US, which are recognised as authoritative by the Securities and Exchange Commission (SEC)- Kantox
The FASB is a private, non-profit organization founded in 1973. Comprised of accounting professionals, this independent board establishes accounting and financial reporting standards based on the Generally Accepted Accounting Principles (GAAP). Though it functions independently, the FASB is recognized as a standard-setting body by the Securities and Exchange Commission (SEC)- Space IQ