Federal Accounting Standards Advisory Board (FASAB)

The Federal Accounting Standards Advisory Board (FASAB) is an independent body responsible for setting accounting standards for the U.S. federal government. Its main role is to develop and maintain a framework that ensures transparency and accountability in federal financial reporting. By establishing consistent standards, FASAB helps government agencies prepare financial statements that reflect their financial position accurately. This is essential for informing policymakers and the public about how taxpayer money is being managed and spent, ultimately promoting trust in government financial practices.