Financial Accounting Standards Board

The Financial Accounting Standards Board (FASB) is an organization that sets the rules and guidelines for how companies prepare and report their financial information in the United States. Its goal is to ensure that financial statements are clear, consistent, and comparable across different organizations, helping investors, creditors, and regulators make informed decisions. FASB develops these standards through a transparent process, taking into account input from various stakeholders. In essence, FASB helps maintain trust and integrity in financial reporting by establishing generally accepted accounting principles (GAAP).