Financial Accounting Standards Board
Rulemaking body for moneyed transactions tracking in the US private sector / From Wikipedia, the free encyclopedia
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The Financial Accounting Standards Board (FASB) is a private standard-setting body[1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation.
This article has an unclear citation style. (April 2019) |
Founded | 1972 (Operational in 1973) |
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Location | |
Key people | Richard R. Jones (Chairman) James L. Kroeker (Vice Chairman) |
Website | fasb.org |
FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA).[2][3]