Financial Accounting Standards Board

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Financial Accounting Standards Board

Founded	1972 (Operational in 1973)
Location	Norwalk, Connecticut
Key people	Richard R. Jones (Chairman) James L. Kroeker (Vice Chairman)
Website	fasb.org

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The Financial Accounting Standards Board (FASB) is a private standard-setting body^[1] whose primary purpose is to establish and improve 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. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation.

FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA).^[2][3]