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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.
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Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

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References in periodicals archive ?
Diermeier, chairman of the FAF Board of Trustees, said: "After an extensive search, which involved the evaluation of many highly qualified candidates from a variety of backgrounds, the trustees determined that Russ Golden is the best qualified person to take on the role of FASB chairman."
He has served as a FASB member since his appointment in September 2010.
The cross-fertilization that's going on is the result of an agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to make their existing financial reporting standards compatible with each other to better respond to the complexity of the world's markets (See "The Urge to Converge," page 70).
Although the FASB does not believe that tax opinions are required or appropriate in all instances, it noted that an unqualified "should prevail" tax opinion from a qualified expert, for which all conditions are objectively verifiable, may help to demonstrate that the probable threshold has been met.
In addition, the proposed statement refers to FASB Interpretation No.
What FASB wants, and what makes sense, is for CEOs to accept that it is the standards-setting body, and to engage with them on issues that will hit companies' bottom lines, such as the treatment of variable interest entities.
Russell Golden, Senior Technical Advisor for the FASB, will participate in the program.
The full text of the statement and related appendices is currently available on the FASB's Web site (www.fasb.org).
To this end, the members of the Toronto Valuation Accord and their representatives to the IVSC seek greater public involvement and assistance to ensure that the FASB's recently released Proposal on Fair Value Measurements (www.fasb.org) has wide public response before it's finalized.
In response to questions received from accounting firms and creditors, the SEC announced on May 20 that registrants should follow the FASB guidance in developing their loan-loss allowance estimates.
The FASB board agreed that the proposed FSP would apply for fiscal years beginning after Dec.
FASB also issued Staff Position FAS 13-1, Accounting for Rental Costs Incurred during a Construction Period (www.fasb.