Definition:
FASB, or the Financial Accounting Standards Board, is the independent agency that establishes accounting principles and accounting procedures. The body of these procedures and principles is called "GAAP - Generally Accepted Accounting Principles."
FASB was established by the Securities and Exchange Act of 1934 to be the body to set accounting standards for all public companies in the U.S.
FASB, or the Financial Accounting Standards Board, is the independent agency that establishes accounting principles and accounting procedures. The body of these procedures and principles is called "GAAP - Generally Accepted Accounting Principles."
FASB was established by the Securities and Exchange Act of 1934 to be the body to set accounting standards for all public companies in the U.S.