About the FASBEstablished in 1973, the Financial Accounting Standards Board (FASB) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). >> More
Meet the BoardThe seven members of the FASB serve full time and, to foster their independence, are required to sever connections with the firms or institutions they served before joining the Board. While they individually have diverse backgrounds, each has a concern for investors, other users, and the public interest in matters of accounting and financial reporting and they collectively have "knowledge of accounting, finance, business, accounting education, and research.”’ >> More
Advisory GroupsThe primary role of advisory group members is to share their views and experience with the Board on matters related to projects on the Board’s agenda, possible new agenda items, practice and implementation of new standards, and strategic and other matters. Information provided by advisory group members is communicated to the Board in a variety of ways, including public advisory meetings and comment letters. >> More
- About the FASB What is the FASB and what it does
- Meet the Board Meet the seven members of the FASB Board
- Advisory Groups Sharing expert views and experience with the Board
The Board is assisted by a staff of more than 60 professionals. The staff works directly with the Board and project resource groups, conducts research, participates in roundtable meetings, analyzes oral and written comments received from the public, and prepares recommendations and drafts of documents for consideration by the Board.
The FASB accomplishes its mission through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.
On September 12, 2013 the FAF and the FASB celebrated forty years of standard setting by hosting the FASB@40 Conference. Former and current FASB chairs and members, as well as key stakeholders that helped shape financial reporting, presented their insights on the critical role that the FASB has played in the past and on important challenges that it will face in the future.
40 Years of FASB
40 Years of FASB