FASB

Last Updated: Jun 7, 2019

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Financial Accounting Standards Board (FASB), established in 1973, is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP).

They develop and issue 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.

The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB)