Financial Accounting Standards Board


Financial Accounting Standards Board
= FASB
In the USA, a non-government body founded in 1973 with the responsibility of promulgating generally accepted accounting principles (GAAP). This is achieved by the issue of Statements of Financial Accounting Standards, which practising certified public accountants are expected to follow. Owing to the FASB's close relationship with the Securities and Exchange Commission, US companies that desire a market listing have to comply with the standards it issues.

Accounting dictionary. 2014.