What Does FASAB Stand For?

FASAB stands for Federal Accounting Standards Advisory Board

The Federal Accounting Standards Advisory Board (FASAB) is an independent entity established to develop and improve accounting standards for the federal government of the United States. It aims to enhance the transparency, accountability, and consistency of federal financial reporting, ensuring that financial statements provide relevant and reliable information for decision-making by policymakers and the public. FASAB works collaboratively with stakeholders, including federal agencies and the accounting profession, to promote effective financial management practices within the government.