Financial Accounting Standards Board (FASB)

The Financial Accounting Standards Board (FASB) is an independent organization responsible for establishing and improving financial reporting standards in the United States. Its main goal is to ensure that financial statements are clear, consistent, and useful for investors, lenders, and other stakeholders. By creating guidelines known as Generally Accepted Accounting Principles (GAAP), FASB helps companies report their financial performance in a way that is understandable and comparable across different organizations. This fosters trust and transparency in financial markets, enabling better decision-making by those who rely on financial information.