FASB (Financial Accounting Standards Board)

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Definition: FASB (Financial Accounting Standards Board)

It is an not for profit organization working in the United States of America for the development adherence of the accounting principles (GAAP). It is not a government organization but not for profit private organization so the standards are only applicable to public companies.

FASB was created in 1973 by the Securities and Commission (SEC) in place of accounting principal board. From then onward it is responsible for setting accounting standards.

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