The Financial Accounting Standards Board (FASB) is a non-profit organization that establishes and improves accounting standards for public and private companies in the United States. Its primary mission is to develop consistent and transparent financial reporting standards that provide investors with reliable and useful information. Founded in 1973, FASB is recognized as the official standards-setting body for accounting in the United States. It operates under the oversight of the Securities and Exchange Commission (SEC) and is governed by a seven-member board, which is responsible for identifying financial reporting issues and developing new standards or improving existing ones. FASB works in collaboration with other organizations such as the International Accounting Standards Board (IASB) to ensure that accounting standards are comparable across global markets. It also conducts extensive outreach and stakeholder engagement initiatives to gather feedback and input on its proposed standards. FASB’s standards govern a wide range of financial accounting issues, including revenue recognition, leases, and financial instruments, among others. Its standards are widely adopted and used by public companies, private companies, and non-profit organizations in the United States. FASB plays a critical role in ensuring the accuracy and transparency of financial reporting in the United States, which is essential for maintaining investor confidence in the markets.