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).
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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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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.
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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 ?
Willey was appointed to a three year term on the Small Business Advisory Council to the Federal Accounting Standards Board, and served on a number of state advisory committees to the Governor and General Assembly in Rhode Island.
Although the agency placed the corporates into conservatorship in March 2009, the Federal Accounting Standards Board changed the accounting standards so that the losses recorded in March 2009 were determined to have occurred in 2008.
Members asked their legislators to: 1) expand the financing of Term Asset-Backed Securities Loan Facility (TALF) loans to a 5-year term, 2) support new Federal Accounting Standards Board guidance on mark-to-market accounting of assets in an illiquid market, and 3) hold a hearing on the state of the commercial real estate market.
said that because of a new rule intrepretation by the staff of Federal Accounting Standards Board, it would restate its third quarter earnings without taking into consideration a new Statement of Financial Accounting Standards (SFAS) rule regarding liabilities of "redeemable non-controlling interests."
5, the board made a conscious decision to make one part of the standard more strict and precise than its Federal Accounting Standards Board (FASB) and Government Accounting Standards Board (GASB) counterparts.
He suggested creating a task force made up of representatives of the accounting profession, government policy makers and representatives of credit unions and others in the financial sector to make recommendations before the Federal Accounting Standards Board begins its review of the subject in June.

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