FASB Definition & Meaning | Financial Term | CSIMarket
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Glossary

FASB

Financial Term

The Financial Accounting Standards Board (FASB) is an independent organization that establishes accounting and reporting standards for public and private companies, non-profit organizations, and state and local governments in the United States. It was established in 1973 and is based in Norwalk, Connecticut.

FASB standards are designed to provide financial statement users with reliable and transparent information. They cover a wide range of topics, including revenue recognition, lease accounting, financial instruments, and accounting for income taxes, among others.

The FASB*s standards are recognized as authoritative by the Securities and Exchange Commission (SEC) and are enforceable under U.S. law. Companies that are required to file financial statements with the SEC must comply with FASB standards.

The FASB is widely regarded as one of the most influential organizations in the financial industry. Its standards play a critical role in determining how financial information is reported and interpreted by investors, analysts, and other stakeholders.

Companies typically employ accounting professionals to ensure that they comply with FASB standards. These professionals may include accountants, auditors, and financial analysts, among others.

In summary, the FASB is a key player in the financial industry, responsible for establishing accounting and reporting standards that ensure transparency and accuracy in financial reporting. Its standards are widely recognized as authoritative and are a critical component of the regulatory environment for U.S. companies.


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