FASB Statements

FASB Statements are official guidelines issued by the Financial Accounting Standards Board that establish how companies should record and report their financial information. They ensure consistency, transparency, and comparability in financial statements across different organizations. By setting these standards, FASB helps investors, creditors, and other stakeholders understand a company's financial health, aiding in better decision-making. Essentially, FASB Statements act as the rulebook for accounting practices in the U.S., promoting reliable and uniform financial reporting.