The designated organisation in the private sector for establishing standards of financial accounting and reporting in the US. These standards govern the preparation of financial reports. They are officially recognised as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants.
An independent board comprised of accounting professionals that establishes and publishes US standards of financial accounting and reporting that govern the preparation of financial statements. The SEC recognizes the authority of the FASB to set up accounting standards and has relied on the FASB to set up standards for publicly-held companies. FASB's standards are the source of authoritative nongovernmental US Generally Accepted Accounting Principles (GAAP), which, as of July 1, 2009 are contained in the FASB Accounting Standards Codification (see, Legal Update, FASB Accounting Standards Codification Becomes Authoritative Source for US GAAP (www.practicallaw.com/9-386-3289)).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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