The FASB establishes and improves financial accounting and reporting standards to provide useful information to investors and other users of financial reports, and educates stakeholders on how to understand and implement those standards. Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting
standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information about the FASB, visit www.fasb.org
