FASB

(noun)

The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to developgenerally accepted accounting principles (GAAP) within the United States in the public's interest.

Related Terms

Examples of FASB in the following topics:

  • Defining the Income Statement

    • Larger entities use the accrual basis, which is also the recommended method by the FASB.
    • Guidelines for statements of comprehensive income and income statements of business entities are formulated by the International Accounting Standards Board and numerous country-specific organizations, for example the FASB in the U.S.

  • Reporting of Financial Statement Analysis

    • These principles are set forward by the FASB, or the Financial Accounting Standards Board.
    • Its 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. " To achieve this, FASB has five goals:
    • The FASB accepts the nominal value of the US Dollar as the monetary unit of record, unadjusted for inflation.

  • Earnings per Share

    • In the United States, the Financial Accounting Standards Board (FASB) requires that companies' income statements report EPS for each of the major categories of the income statement: continuing operations, discontinued operations, extraordinary items, and net income.

  • Ratio Analysis and EPS

    • In the United States, the Financial Accounting Standards Board (FASB) requires companies' income statements to report EPS for each of the major categories of the income statement: continuing operations, discontinued operations, extraordinary items, and net income.

  • Employee Stock Compensation

    • As of 2006, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) agree that an option's fair value at the grant date should be estimated using an option pricing model.