Financial Accounting Standards Board


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: www.fasb.org

Auditor's dictionary. 2014.

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