What is FASB (Financial Accounting Standards Board)?

FASB is a standards board that establishes financial accounting and reporting standards for public, private, and not-for-profit organizations that follow GAAP.

The Financial Accounting Standards Board (FASB) was established in 1973. It is an independent, private-sector, not-for-profit organization based in norwalk, Connecticut. It establishes financial accounting and reporting standards for public, private, and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP).