What is FASB?
FASB, an abbreviation for Financial Accounting Standards Board, is a private organization whose purpose is to develop generally accepted accounting principles (GAAP) within the United States.
They are also responsible for issuing accounting standards which offer guidance and rules on the preparation of financial statements in the US.
The IASB and FASB are in discussions to converge IFRSs and US Generally Accepted Accounting Principles (GAAP).
Additional information on the Financial Accounting Standard Board can be found in our accounting principles tutorial.
For further information see the Wikipedia FASB definition.
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