FASAB

The Federal Accounting Standards Advisory Board (FASAB) is an independent body that establishes accounting standards for U.S. federal government entities. Its main goal is to ensure transparency and accountability in federal financial reporting, helping to improve the understanding of how taxpayer dollars are spent. FASAB develops guidelines that federal agencies follow to report their financial activities, thereby promoting consistency and reliability in their financial statements. This contributes to better decision-making by government officials and provides the public with clear insights into the government's financial health.