What Is the Governmental Accounting Standards Board?

The Financial Accounting Standards Board (FASB) is the designated private institution in the United States that develops financial accounting and reporting standards that regulate the preparation of financial reports. The agency was officially recognized by the Securities and Exchange Commission (Financial Reporting Bulletin No. 1 Section 101) and the American Institute of Certified Public Accountants (Code of Professional Conduct No. 203, May 1973 and May 1979 Amendments) Authority agency.