The Financial Accounting Standards Board (FASB) is the organization that is responsible for both establishing and interpreting the standards of financial accounting and reporting practices in the U.S.
One may know the standards as Generally Accepted Accounting Principles (GAAP). These principles are designed to provide uniformity and credibility in the realm of corporate accounting. In addition, GAAP provides rules and guidelines for the preparation of financial statements.
FASB is not a government entity, but instead, it is an independent organization founded in 1973. In addition, its headquarters are in Norwalk, Connecticut. The Securities and Exchange Commission (SEC) recognizes FASB standards as authoritative.
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