Establishing accounting and financial reporting standards for businesses and nonprofit organizations in the United States in accordance with generally accepted accounting principles (GAAP) is the responsibility of the Financial Accounting Standards Board (FASB), an independent nonprofit organization.
What is Financial Accounting Standards Board?
For both public and private businesses as well as nonprofit organizations, the Financial Accounting Standards Board has the power to create and interpret generally accepted accounting principles (GAAP) in the US. Companies, charity organizations, and governments should adhere to a set of standards known as GAAP when creating and presenting their financial statements, including any related party transactions. The FASB is acknowledged as the organization that sets accounting standards for public firms by the Securities and Exchange Commission (SEC). State accounting boards, the American Institute of Certified Public Accountants (AICPA), and other groups in the industry also acknowledge it.
To learn more about FASB
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