Financial Accounting Standards Board (FASB)

The Financial Accounting Standards Board (FASB) is a private, non-profit organization that establishes and improves financial accounting standards for public companies in the United States. The FASB's 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 overseen by the Financial Accounting Foundation (FAF), which is also a private, non-profit organization. The FAF appoints the members of the FASB, which currently consists of seven full-time members. The FASB is also supported by a staff of accountants, auditors, and other financial professionals.

The FASB's standards are developed through a process of research, deliberation, and public comment. The FASB publishes proposed standards for public comment, and then issues final standards after considering the comments received. The FASB's standards are authoritative for public companies in the United States, and they are also used by many private companies and non-profit organizations.

The FASB's standards have a significant impact on the financial reporting of public companies. The standards establish the rules for how companies must account for their transactions and activities, and they also provide guidance on how companies should disclose information in their financial statements. The FASB's standards help to ensure that financial information is transparent and comparable, and they also help to protect investors from misleading financial reporting.

The FASB is an important organization in the financial reporting system of the United States. The FASB's standards help to ensure that financial information is transparent and comparable, and they also help to protect investors from misleading financial reporting.