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  Financial Accounting Standards Boards

Introduction to FASB

The FASB (Financial Accounting Standards Boards) is private, not-for- profit organization whose main aim is to develop usually accepted accounting principles in the United States (US GAAP). The mission of FASB for the private sector is identical to that of the Governmental Accounting Standards Board for local and state governments in the United States. The FASB was formed in year 1973, replacing the Accounting Principles Board of the American Institute of Certified Public Accountants (AICPA). The FASB's mission is 'to establish and enhance standards of financial accounting and reporting for the assistance and education of the public, involving auditors, issuers, and users of financial information."

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Figure: structure of FASB.

The U.S. SEC (Securities and Exchange Commission) has statutory authority to establish financial accounting and reporting standards for publicly held companies within Securities Exchange Act of 1934.

The SEC selected the FASB as the organization that accountable for setting accounting standards for public companies in the U.S. FASB has until now issued 158 Statements of Financial Accounting Standards (FAS).

Components of US GAAP

There are significant components of US GAAP described below:

  • FASB Statement of Financial Accounting Standards (FAS).
  • FASB Interpretations (FIN).

FASB Statements of Financial Accounting Concepts (FAS Conc.)

  • FASB Technical Bulletins (FTB).
  • AICPA Accounting Research Bulletins (ARB).
  • AICPA Accounting Principles Board Opinions (APB Opinions)
  • AICPA Accounting Interpretations (AIN)

Not only there are a very large number of different standards within US GAAP, the volume and complexity is also rising. This complexity of US GAAP makes it very significant that the independent accountants that are assisting a company in filing along with SEC are acknowledgeable and experts in US GAAP.

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