Define: Financial Accounting Standards Board

UK Accounting Glossary

Definition: Financial Accounting Standards Board



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Full Definition of Financial Accounting Standards Board


Since 1973, the Financial AccoAccounting Standards Board (FASB) has had primary responsibility for establishing financial accounting and reporting standards for the private sector in the United States. The pronouncements of the Financial AccoAccounting Standards Board are considered authoritative by both the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA). Thus the work of the Financial AccoAccounting Standards Board is a cornerstone of Generally Accepted Accounting Principles (GAAP). An important component of the Financial AccoAccounting Standards Board is its Emerging Issues Task Force, which is charged with identifying important issues that the Financial AccoAccounting Standards Board needs to consider. The Financial AccoAccounting Standards Board has seven full-time members, who are required to cut all ties to the firms or organizations they previously served. The Financial AccoAccounting Standards Board is also assisted by about 70 professional employees. Despite its apparent independence and professional support, the Financial AccoAccounting Standards Board receives substantial criticism from legislators, executives, and business critics. But given the controversial issues, the Financial AccoAccounting Standards Board decides, criticism may be impossible to avoid.


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Synonyms For Financial Accounting Standards Board


FASB


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Financial Accounting Standards Board. PayrollHeaven.com. Retrieved April 02, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/financial-accounting-standards-board/

Definition Sources


Definitions for Financial Accounting Standards Board are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February 2020.