Financial Accounting Standards Board (FASB)
The Financial Accounting Standards Board is the independent, private- sector, not-for-profit organization, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the U.S. Securities and Exchange Commission as the designated accounting standard setter for public companies. See www.fasb.org