The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973, replacing the Committee on Accounting Procedure (CAP) and the Accounting Principles Board (APB) of the American Institute of Certified Public Accountants (AICPA).
Read more about Financial Accounting Standards Board: Mission Statement, Description, Creation of The Codification, Norwalk Agreement, Independence, FASB Pronouncements, FASB 11 Concepts
Famous quotes containing the words financial, accounting, standards and/or board:
“Because of these convictions, I made a personal decision in the 1964 Presidential campaign to make education a fundamental issue and to put it high on the nation’s agenda. I proposed to act on my belief that regardless of a family’s financial condition, education should be available to every child in the United States—as much education as he could absorb.”
—Lyndon Baines Johnson (1908–1973)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
“Today so much rebellion is aimless and demoralizing precisely because children have no values to challenge. Teenage rebellion is a testing process in which young people try out various values in order to make them their own. But during those years of trial, error, embarrassment, a child needs family standards to fall back on, reliable habits of thought and feeling that provide security and protection.”
—Neil Kurshan (20th century)
“Watteau is no less an artist for having painted a fascia board while Sainsbury’s is no less effective a business for producing advertisements which entertain and educate instead of condescending and exploiting.”
—Stephen Bayley (b. 1951)