Financial Accounting Standards Board (FASB)
Accounting glossary · Understand, connect, apply
The Financial Accounting Standards Board (FASB) is an independent US private-sector standard setter established in 1973. It develops financial accounting and reporting standards for nongovernmental entities following US GAAP.
Example
An accountant consults the FASB Accounting Standards Codification when researching a US GAAP reporting requirement.
Remember the difference
FASB is not the IRS and does not set US tax law or government-entity accounting standards.
Examples are simplified for learning. Where a term depends on US law, IFRS, US GAAP or a historical rule, check the context explained above and the requirements relevant to your course.
Study references: OpenStax financial accounting and managerial accounting. For reporting requirements, consult the applicable IFRS Standards or FASB guidance. US tax terms should be checked against the relevant tax-year IRS instructions.
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