What Does FASB Stand For?

FASB stands for Financial Accounting Standards Board

The Financial Accounting Standards Board (FASB) is an independent private-sector organization that establishes and improves financial accounting and reporting standards for public and private companies in the United States. Its primary objective is to ensure transparency, consistency, and comparability in financial statements, thereby enhancing the understanding and usefulness of financial information for investors, creditors, and other stakeholders. FASB's standards, known as Generally Accepted Accounting Principles (GAAP), play a crucial role in guiding the preparation and presentation of financial reports, contributing to the overall integrity of the financial reporting process.