FASB Definition & Meaning

The Financial Accounting Standards Board (FASB) is a standard setting body. It is one of the two parties (along with the SEC) that sets and upholds GAAP (Generally Accepted Accounting Principles), the direct rules and policies for reporting financials of publicly traded companies in the United States.

While FASB sets general requirements for all companies, it also upholds requirements for companies operating in certain sectors/industries. This is not necessarily the same as IASB (International Accounting Standard Board) leading to financial documents from outside of the United States looking different & having different numerics.

This term typically relates to accounting and investing