Financial Accounting Standards Advisory Council

FASAC An advi sory committee of the * Financial Accounting Standards Board (FASB). Set up in 1973 at the time of the FASB’s creation, the council advises the FASB on its activities relating to U.S. *Generally Accepted Accounting Principles. The composition of FASAC reflects several constituencies with an interest in financial reporting: It includes accountants, corporate executives, and academics. The FASAC does not have the authority to overrule the FASB’s decisions, but its views are an important part of the FASB’s decision-making processes. Web site: www.fasb.org/fasac

Auditor's dictionary. 2014.

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