Editing Financial Accounting Standards Board (section)

{{Short description|Private US organization for accounting}}
{{About||Federal Accounting Standards Advisory Board|FASAB|Governmental Accounting Standards Board|Governmental Accounting Standards Board}}
{{citation style|date=April 2019}}
{{Infobox organization
| name                = Financial Accounting Standards Board
| logo                = Financial Accounting Standards Board logo.svg
| type                = 
| founded_date        = 1972 (Operational in 1973)
| founder             = 
| location            = [[Norwalk, Connecticut|Norwalk]], [[Connecticut]]
| origins             = 
| board_of_directors  = 
| key_people          = {{nowrap|Richard R. Jones}}<br />{{nowrap|{{small|(Chairman)}}}}<br />{{nowrap|Hillary H. Salo}}<br />{{nowrap|{{small|(Vice Chair)}}}}
| area_served         = 
| focus               = 
| method              = 
| revenue             = 
| endowment           = 
| num_volunteers      = 
| num_employees       = 
| num_members         = 
| homepage            = {{URL|http://www.fasb.org|fasb.org}}
| dissolved           = 
| footnotes           = 
}}
{{Accounting}}

The '''Financial Accounting Standards Board''' ('''FASB''') is a private standard-setting body<ref name="NYT_2016_apr_26">{{cite news | url=http://nyti.ms/1NO8Ibh | title=The Quiet War on Corporate Accountability | newspaper=The New York Times | date=26 April 2016 | access-date=26 April 2016 | author1=Ramanna, Karthik | author2=Dreschel, Allen}}</ref> whose primary purpose is to establish and improve [[Generally Accepted Accounting Principles (United States)|Generally Accepted Accounting Principles]] (GAAP) within the [[United States]] in the public's interest. The [[Securities and Exchange Commission]] (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the [[American Institute of Certified Public Accountants]]' (AICPA) [[Accounting Principles Board]] (APB) on July 1, 1973. The FASB is run by the nonprofit [[Financial Accounting Foundation]].

FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA).<ref name="About FASB">{{Cite web|url=http://fasb.org/jsp/FASB/Page/SectionPage&cid=1176154526495|title=About the FASB|website=fasb.org|access-date=2017-10-06}}</ref><ref name="IASplus">{{Cite web|url=https://www.iasplus.com/en-us/resources/faf/fasb|title=Financial Accounting Standards Board (FASB)|website=www.iasplus.com|language=en-us|access-date=2017-10-06}}</ref>