View source for Financial Accounting Standards Board (FASB)

== What is the Financial Accounting Standards Board (FASB)? ==

The '''Financial Accounting Standards Board (FASB)''' is an independent organization that establishes accounting standards for public and private companies in the United States. These standards, known as Generally Accepted Accounting Principles (GAAP), provide a framework for how companies should report their financial information.

The FASB's mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. The FASB's goal is to develop standards that are clear, consistent, and useful so that financial reports provide decision-useful information to investors and other users of financial statements.

The FASB is responsible for issuing new accounting standards, as well as updating and interpreting existing standards. The Board's standards are based on a thorough research process that involves consideration of the views of stakeholders, including investors, preparers, auditors, and other experts in the field. The Board also works with other standard-setting organizations, such as the International Accounting Standards Board (IASB), to promote global consistency in accounting standards.

The FASB's standards are widely recognized and used by public companies in the United States, as well as by many private companies and not-for-profit organizations. The Securities and Exchange Commission (SEC) has recognized the FASB as the designated organization in the private sector for establishing accounting principles.

Overall, the Financial Accounting Standards Board (FASB) is an independent organization that establishes accounting standards for public and private companies in the United States, in order to provide a framework for how companies should report their financial information and promote global consistency in accounting standards. It provides guidance and education to the public and plays an important role in protecting investors, by ensuring that financial reporting is transparent, reliable, and accurate.



== See Also ==
*[[IT Strategy (Information Technology Strategy)]]
*[[IT Governance]]
*[[Enterprise Architecture]]
*[[Chief Information Officer (CIO)]]
*[[IT Sourcing (Information Technology Sourcing)]]
*[[IT Operations (Information Technology Operations)]]
*[[E-Strategy]]






== References ==
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