Financial Accounting Standards Board

FASB The U.S. accounting standards-setting organization. Based in Norwalk, CT, the FASB was established in 1973 as successor to the *Accounting Principles Board. The FASB’s Web site states that its 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 is, therefore, the custodian of *Generally Accepted Accounting Principles in the United States, and it issues accounting standards in the form of *Statements of Financial Accounting Standards (SFAS), often referred to as *FASB Statements. The SFAS are recognized by the *Securities and Exchange Commission and other important financial reporting and accounting organizations. Unlike its predecessor, the *Accounting Principles Board, the FASB is formally independent of the *American Institute of Certified Public Accountants. The FASB also issues FASB Staff Positions that offer guidance on the application of the SFAS, and Statements on Financial Accounting Concepts that set out a fundamental theoretical framework to underpin accounting practice. The FASB also has an * Emerging Issues Task Force that looks at the implications of urgent accounting issues, and an advisory committee known as the *Financial Accounting Standards Advisory Council. Web site:

Auditor's dictionary. 2014.

Look at other dictionaries:

  • Financial Accounting Standards Board — ( FASB) An accounting industry organization; part of the Financial Accounting Foundation. FASB issues Statements of Financial Accounting Standards that define and govern GAAP for nongovernment entities in the United States. FASB also publishes… …   Financial and business terms

  • Financial Accounting Standards Board — (FASB) The designated organisation in the private sector for establishing standards of financial accounting and reporting in the US. These standards govern the preparation of financial reports. They are officially recognised as authoritative by… …   Law dictionary

  • Financial Accounting Standards Board — FASB In the USA, a non government body founded in 1973 with the responsibility of promulgating generally accepted accounting principles (GAAP). This is achieved by the issue of Statements of Financial Accounting Standards, which practising… …   Accounting dictionary

  • Financial Accounting Standards Board — Infobox Non profit Non profit name = Financial Accounting Standards Board Non profit Non profit type = founded date = 1973 founder = location = Norwalk, Connecticut origins = Board Members = Robert H. Herz, ChairmanGeorge J. Batavick,… …   Wikipedia

  • Financial Accounting Standards Board — Das Financial Accounting Standards Board (FASB) ist ein us amerikanisches, privatrechtlich organisiertes Rechnungslegungsgremium.[1] Es hat die Zielsetzung festzulegen was United States Generally Accepted Accounting Principles (US GAAP) für… …   Deutsch Wikipedia

  • Financial Accounting Standards Board — Le Comité des normes comptables et financières, plus connu sous son nom anglais de Financial Accounting Standards Board ou sous son acronyme de FASB, est une association à but non lucratif, non gouvernementale, dont le but est de développer les… …   Wikipédia en Français

  • Financial Accounting Standards Board — (FASB)   An independent board responsible, since 1973, for establishing generally accepted accounting principles. Its official pronouncements are called Statements of Financial Accounting Standards and Interpretations of Financial Accounting… …   Energy terms

  • Financial Accounting Standards Board —   Commonly known as the FASB. This body stipulates the way in which financial products are to accounted for by financial institutions. For example the FASB stipulates that swap credit exposure will be accounted for based upon the net value …   International financial encyclopaedia

  • Financial Accounting Standards Board — FASB The US body that sets accounting standards. Owing to its close relationship with the Securities and Exchange Commission, companies that wish for a market listing have to comply with its standards …   Big dictionary of business and management

  • Financial Accounting Standards Board — Independent board with responsibility to establish and interpret Generally Accepted Accounting Principles …   Black's law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.