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:
“The woman who does her job for society inside the four walls of her home must not be considered by her husband or anyone else an economic “dependent,” reaching out her hands in mendicant fashion for financial help.”
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“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
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—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“She hears me strike the board and say
That she is under ban
Of all good men and women,
Being mentioned with a man
That has the worst of all bad names.”
—William Butler Yeats (1865–1939)