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Fincash » Financial Accounting Standards Board (FASB)

Financial Accounting Standards Board (FASB)

Updated on August 8, 2022 , 6384 views

What is the Financial Accounting Standards Board (FASB)?

The Financial Accounting Standards Board is an independent and non-profit organisation that contains 7 members of the government body. The core purpose of this is to issue and communicate the Generally Accepted accounting principles (GAAP) in the United States.

Financial Accounting Standards Board

The FASB authorizes the financial accounting guidelines for the public and private companies in the U.S. It is recognized as reliable by the Securities and Exchange Commission (SEC). The FASB essays to enhance financial accounting and reporting practices that may augment the Market Efficiency by rendering more obvious, authentic and comprehending information to the users and investors. Also, it aids the stakeholders to understand and implement it.

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How the Financial Accounting Standards Board Works?

The Financial Accounting Standard Board is wholly solely a non-profit organisation that includes Financial Accounting Foundation (FAF), the Financial Accounting Standard Advisory Council (FASAC), the Governmental Accounting Standard Board (GASB), and the Government accounting standards Advisory Council (GASAC).

GASB and FASB function similarly to each other, it was established in 1984 for managing accounting and financial reporting standards of the state and local government of the U.S. The FAF looks after FASB and GASB where the two advisory councils provide guidance in the respective areas.

Board Members of the Financial Accounting Standard Board

Board members appointed by the FAF Board of Trustees generally for 5-year terms and they may serve up to 10 years.

Currently, the FASB is composed of the following members are given below:

Current Member Name Designation
Richard Jones, Chair Public Accounting
James Kroeker, Vice Chairman Public Accounting/SEC
Christine Botosan Academic
Gary Buesser Financial statement User
Susan M. Cosper Public, Private, and Not-for-Profit Accounting
Marsha Hunt Public Company Preparer
R. Harold Schroeder Financial Statement User
Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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