Financial Accounting Standards Board (FASB)
What it is:
The FinancialGenerally Accepted Accounting Principles (GAAP).Standards Board (FASB) is an independent non-profit body responsible for the institution and interpretation of
How it works (Example):
FASB was formed in 1973 and serves as the arm of the SEC responsible for governing the accounting standards for U.S. companies as expressed in GAAP. Its membership comprises seven professional accountants, including a chairman, who are responsible for maintaining and interpreting the components of GAAP in response to changes in market or industrial practices.