Financial Accounting Standards Board

Financial Accounting Standards Board
Financial Accounting Standards Board ( FASB)
An accounting industry organization; part of the Financial Accounting Foundation. FASB issues Statements of Financial Accounting Standards that define and govern GAAP for nongovernment entities in the United States. FASB also publishes Interpretations and Technical Bulletins that govern the application of their accounting standards. American Banker Glossary
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( FASB)
Board composed of independent members who create and interpret Generally Accepted Accounting Principles ( GAAP). Bloomberg Financial Dictionary

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Financial Accounting Standards Board Fiˌnancial Acˌcounting ˈStandards ˌBoard abbreviation FASB noun
ACCOUNTING ORGANIZATIONS the organization that sets the standard rules for accounting in the US. These rules are referred to as the Generally Accepted Accounting Principles:

• The Financial Accounting Standards Board has adopted a less complex rule on deferred taxes.

— see also Accounting Standards Board

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   ► See FASB.

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Financial Accounting Standards Board UK US noun (ABBREVIATION FASB) ACCOUNTING, FINANCE
an independent organization in the US that develops rules about financial accounting: »

The Financial Accounting Standards Board is the highest authority in establishing generally accepted accounting principles.

Compare THE ACCOUNTING STANDARDS BOARD(Cf. ↑the Accounting Standards Board), GAAP(Cf. ↑GAAP)

Financial and business terms. 2012.

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