Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) is a private, non-profit organization that establishes and improves standards of financial accounting and reporting for both public and private companies in the United States. The FASB's mission is to ensure financial information is relevant, reliable, and comparable, ultimately helping investors and other users make informed decisions. The FASB sets guidelines for how companies prepare their financial statements, including topics such as revenue recognition, leases, and financial instruments. The standards set by the FASB are known as Generally Accepted Accounting Principles (GAAP) and are considered the foundation of financial reporting in the U.S.