Financial Accounting Standards Board

The Financial Accounting Standards Board (FASB) is a private standard-setting body 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.

For Federal Accounting Standards Advisory Board, see FASAB. For Governmental Accounting Standards Board, see Governmental Accounting Standards Board.
Financial Accounting Standards Board
Founded1972 (Operational in 1973)
Location
Key people
Richard R. Jones
(Chairman)
James L. Kroeker
(Vice Chairman)
Websitefasb.org
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FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA).

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