The Financial Accounting Standards Board (FASB)

The Financial Accounting Standards Board (FASB) is an independent organization in the United States that establishes and improves financial accounting and reporting standards. These standards ensure that financial statements are clear, consistent, and comparable across different organizations. This helps investors, creditors, and other stakeholders make informed decisions based on accurate financial information. FASB plays a crucial role in maintaining trust in the financial system by providing guidelines that companies must follow when preparing their financial reports, ultimately supporting transparency and accountability in financial practices.