Rulemaking body for moneyed transactions tracking in the US private sector
For Federal Accounting Standards Advisory Board, see FASAB. For Governmental Accounting Standards Board, see Governmental Accounting Standards Board.
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Financial Accounting Standards Board
Founded
1972 (Operational in 1973)
Location
Norwalk, Connecticut
Key people
Richard R. Jones (Chairman) James L. Kroeker (Vice Chairman)
Website
fasb.org
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The Financial Accounting Standards Board (FASB) is a private standard-setting body[1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation.
FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA).[2][3]
^Ramanna, Karthik; Dreschel, Allen (26 April 2016). "The Quiet War on Corporate Accountability". The New York Times. Retrieved 26 April 2016.
^"About the FASB". fasb.org. Retrieved 2017-10-06.
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