Financial Accounting Standards Advisory Council (FASAC)

The Financial Accounting Standards Advisory Council (FASAC) is a group that provides advice and input to the Financial Accounting Standards Board (FASB), which sets the rules for financial reporting in the U.S. The council is made up of experts from various industries, accounting professionals, and academics. Its role is to ensure FASB’s standards are clear, effective, and address current financial reporting challenges. By offering diverse perspectives, FASAC helps FASB develop guidelines that improve transparency and trust in financial information used by investors, analysts, and other stakeholders.