Authority and currency
About this authority
- Publisher
- Financial Accounting Foundation
- Standing
- Primary authority
- Version
- Current web page
- Relevant parts
- About the FASB; established 1973
- Currency
- current · checked Aug 7, 2026
Use this page to learn what the Financial Accounting Standards Board (FASB) does and how it develops standards. It describes an independent, private-sector organization, not a company's accounting department or a government agency. FASB sets accounting standards for nongovernmental entities; company management is responsible for applying the standards to its financial statements.
This institutional description is not an accounting requirement. For a specific US generally accepted accounting principles question, consult the relevant Accounting Standards Codification paragraphs.