Financial Accounting Standards Board


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Financial Accounting Standards Board (FASB)

Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP).

Financial Accounting Standards Board

In the United States, a non-governmental body the SEC has charged with establishing and maintaining generally accepted standards for professional accountants. Founded in 1973, the FASB has published a variety of rules and clarifications on how accounting ought to be done in the United States. It is important to note that the FASB does not govern accounting ethics; rather, its purpose to govern the fundamentals of how accounting is conducted. For example, it has published guidelines on how to report a company's cash flows. The Financial Accounting Foundation oversees the FASB.

Financial Accounting Standards Board (FASB)

The independent accounting organization that determines the standards for financial accounting and reporting. The rules set by FASB play a large role in determining the numbers that companies show the financial analysts and stockholders. See also FASB Statement.

Financial Accounting Standards Board (FASB).

The Financial Accounting Standards Board (FASB) is an independent, self-regulatory board that establishes and interprets generally accepted accounting principles (GAAP).

It operates under the principle that the economy and the financial services industry work smoothly when credible, concise, and clear financial information is available.

FASB periodically revises its rules to make sure corporations are following its principles. The corporations are supposed to fully account for different kinds of income, avoid shifting income from one period to another, and properly categorize their income.

References in periodicals archive ?
Siegel to a second five-year term as a member of the Financial Accounting Standards Board (FASB), beginning July 1, 2013.
Financial Accounting Standards Board (FASB), together with our counterparts at the IASB, have embarked on a systematic program to converge standards.
Why would the CFO ever write to shareholders about a pronouncement of the Financial Accounting Standards Board (FASB) and describe in, detail SFAS 150?
The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) in October announced a memorandum of understanding, signifying a major step toward formalizing their commitment to converging U.
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are studying the usefulness of data contained in financial statements.
Ott, president of Chemical Financial Corporation (NASDAQ-NMS: CHFC), stated that the corporation will adopt in the first quarter of 1993, two new accounting standards, Financial Accounting Standards Board Statements 109 and 106, mandated by the Financial Accounting Standards Board, which together will result in a first-quarter after-tax gain of approximately $2 million, or $0.
Linsmeier has been appointed to a second five-year term as a member of the Financial Accounting Standards Board (FASB) beginning July 1, 2011.
The first day's keynote speaker, Chairman of the Financial Accounting Standards Board Robert Herz, discussed what the FASB is doing to fulfill its mission related to standard setting in this country.
In addition to having served as chairman of the American Institute of CPAs SEC practice section executive committee, he was chairman of the accounting standards executive committee's task force on risks and uncertainties and a member of the Financial Accounting Standards Board emerging issues task force.
Hanna Company (NYSE/MSE: MAH) announced today that it will adopt retroactively to the beginning of 1992 two non-cash accounting changes mandated by the Financial Accounting Standards Board.
Golden to the Financial Accounting Standards Board (FASB), effective October 1, 2010.

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