Independent agency which establishes GAAP.

A board established in 1973 which is responsible for establishing and interpreting generally accepted accounting principles.

A private entity created by the accounting profession to develop and promulgate financial accounting standards and practices. Its membership is composed of top-level accounting professionals from business, government and education professions. It derives its authority from official recognition by the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA) and from the general support of corporate and investment communities. While the Securities and Exchange Commission (SEC) has the authority to regulate accounting standards, it nearly always defers to the FASB.

The FASB establishes voluntary standards designed to improve the accuracy, relevancy, and usefulness of corporate financial statements. FASB is proposing rules that would require the present employer liability for future retiree health expenditures to be reported in accounting records and financial statements.

In United States, this independent, self-regulatory board establishes and interprets generally accepted accounting principles (GAAP). It operates under the principle that the economy in general and the financial services industry in particular work smoothly when credible, concise, and understandable financial information is available. The FASB periodically revises its rules to make sure corporations fully account for different kinds of income, avoid shifting income from one period to another, and properly categorize their income.

An association of accounting professionals that decides, maintains, and communicates generally accepted accounting principles (GAAP).

Federal agency that creates standards for reporting expenses and profits that impact both commodity and energy services accounting. Often abbreviated as FASB, pronounced "faz-bee."

This is the group that determines the general accounting policy and theory which is to be followed by both internal accountants as well as external auditors.

The Financial Accounting Standards Board was created in 1973, replacing the Accounting Principles Board and the Committee on Accounting Procedure of the American Institute of Certified Public Accountants before it. The FASB is a private body whose mission is to "establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information." The FASB publishes GAAP.

or FASB

A group created in 1973 through the joint efforts of the American Institute of Certified Public Accountants and several other accounting organizations to be the overall rule-making body for the accounting profession.

Known as the FASB (pronounced fas-bee). Founded in 1973 to develop standard accounting principles. FASB writes the guidelines followed by accountants in reporting financial information.

This board issues statements of financial accounting standards that represent generally accepted accounting principles, and define how our audit records must be presented.

A self-regulatory organization that establishes financial accounting and reporting standards.

A standard-setting body that prescribes authoritative standards of financial accounting and reporting for the guidance of private sector entities.  Compare:  GOVERNMENTAL ACCOUNTING STANDARDS BOARD. See: GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.

private-sector organisation responsible for establishing standards of accounting and financial reporting in the US.

The primary accounting standard setting body for non-governmental organizations.

Independent, private (non-governmental) authority for establishment of accounting principles in the United States. Funded by the Financial Accounting Foundation (FAF), which derives its support from CPA firms, industry, commerce and other private sources. www.fasb.org

A private organization, funded by the accounting profession and companies with an interest in accounting practices, that establishes and promotes the use of generally accepted accounting principles (GAAP) in the United States.

Group that sets the standards for sound financial management.

A nongovernment group of seven members assisted by a large research staff which is responsible for the setting of accounting standards, rules, and principles. Go to www.fasb.org for more information. To Top

Independent, nonprofit accounting organization in the U.S. that is primarily responsible for the development and interpretation of generally accepted accounting principles (see GAAP).

A non-governmental body that sets accounting standards for CPAs in the United States.

The private organization responsible for establishing the standards for financial accounting and reporting in the United States.

A standards board created by accountants to establish standards of financial accounting (Generally Accepted Accounting Principles (GAAP). The standards issued by FASB are recognized as authoritative by the Securities and Exchange Commission (SEC).

Independent, private, non-government group which is authorized by the accounting profession to establish generally accepted accounting principles in the U.S.

A seven member independent body that establishes Generally Accepted Accounting Principles via the issuance of Statements of Financial Accounts Standards (SFAS) and related pronouncements. These members solicit input from accounting professionals and other interested parties.

Also called the FASB, the Financial Accounting Standards Board is an independent board responsible for establishing and interpreting generally accepted accounting principles (or GAAP). U.S. companies that adhere to GAAP are said to be more transparent and easier to analyze financially than companies in many foreign countries. In fact, the differences in accounting standards makes it difficult to compare the earnings of companies in different countries.

A non-governmental group that sets standards for generally accepted accounting principles.

The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles in the United States (US GAAP). The FASB's mission for the private sector is similar to that of the Governmental Accounting Standards Board (GASB) for local and state governments in the United States. The FASB was created in 1973, replacing the Accounting Principles Board of the American Institute of Certified Public Accountants (AICPA)who replaced the Accounting Principles Board and the Committee on Accounting Procedure in 1959, also of the AICPA.