Thursday, 2 February 2012

Financial Accounting Standards Board (FASB)

Financial Accounting Standards Board (FASB):
The Financial Accounting Standards Board (FASB) is the organization that is responsible for establishing and interpreting the standards of financial accounting and reporting practices in the U.S.
The standards are known as Generally Accepted Accounting Principles (GAAP).
These principles are designed to provide uniformity and credibility in the realm of corporate accounting. GAAP provides rules and guidelines for the preparation of financial statements.

FASB is not a government entity, it is an independent organization. It was founded in 1973. Its headquarters are in Norwalk, Connecticut. FASB standards are recognized as authoritative by the Securities and Exchange Commission (SEC). 

Source : -------> WikiCFO

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