Established in 1973, the Financial Accounting Standards Board (FASB) 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) in the United States.
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.
Staying Up to Date
The FASB Outlook is a quarterly e-newsletter designed to keep stakeholders informed about key FASB projects and activities. It presents current accounting and financial reporting issues in a “plain-English” user-friendly format designed to provide quick access to stories of interest to the busy professional. Click here to subscribe.