The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973, replacing the Committee on Accounting Procedure (CAP) and the Accounting Principles Board (APB) of the American Institute of Certified Public Accountants (AICPA).
Read more about Financial Accounting Standards Board: Mission Statement, Description, Creation of The Codification, Norwalk Agreement, Independence, FASB Pronouncements, FASB 11 Concepts
Famous quotes containing the words financial, accounting, standards and/or board:
“For the merchant, even honesty is a financial speculation.”
—Charles Baudelaire (1821–1867)
“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
—Karl Liebknecht (1871–1919)
“Barbarism is the absence of standards to which appeal can be made.”
—José Ortega Y Gasset (1883–1955)
“As a man-of-war that sails through the sea, so this earth that sails through the air. We mortals are all on board a fast-sailing, never-sinking world-frigate, of which God was the shipwright; and she is but one craft in a Milky-Way fleet, of which God is the Lord High Admiral.”
—Herman Melville (1819–1891)