Financial Accounting Standards Board (FASB)
The independent organization that establishes accounting and financial reporting standards for companies and nonprofits in the United States.
Financial Accounting Standards Board (FASB)
The independent, private-sector organization that establishes financial accounting and reporting standards for public and private companies and nonprofit organizations in the United States.
For instance, when FASB issued ASC 606 on revenue recognition, companies across all industries had to evaluate and potentially change their processes for recognizing revenue from customer contracts to comply with the new standard.
FASB’s mission is to improve financial reporting for investors and other users of financial information. Its seven-member board follows a thorough process including research, public comment, and deliberation before issuing new standards, ensuring that financial reporting evolves to meet changing business practices and user needs.