What is the Financial Accounting Standards Board FASB?

The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants’ (AICPA) Accounting Principles Board (APB) on July 1, 1973. These scandals highlighted the importance of having a transparent, consistent, and reliable set …

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